RAM Investment Partners LLC Sells 12,115 Shares of Smartsheet Inc (NYSE:SMAR)

RAM Investment Partners LLC trimmed its stake in Smartsheet Inc (NYSE:SMAR) by 37.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,454 shares of the company’s stock after selling 12,115 shares during the period. Smartsheet accounts for about 0.3% of RAM Investment Partners LLC’s investment portfolio, making the stock its 28th largest position. RAM Investment Partners LLC’s holdings in Smartsheet were worth $1,132,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. bought a new stake in Smartsheet during the third quarter valued at about $31,000. International Assets Investment Management LLC acquired a new position in shares of Smartsheet during the 2nd quarter worth about $25,000. Waldron Private Wealth LLC bought a new stake in Smartsheet during the 3rd quarter valued at approximately $33,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the 2nd quarter valued at approximately $31,000. Finally, GAMMA Investing LLC grew its holdings in Smartsheet by 73.3% in the 3rd quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $42,000 after buying an additional 318 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Smartsheet Stock Performance

Shares of NYSE:SMAR opened at $55.89 on Thursday. The company’s fifty day moving average is $52.59 and its 200-day moving average is $45.75. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.09. The company has a market capitalization of $7.77 billion, a PE ratio of -180.28 and a beta of 0.75.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. The firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.23) earnings per share. On average, analysts forecast that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its board has authorized a share repurchase program on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the transaction, the insider now owns 13,529 shares in the company, valued at $684,432.11. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,730 shares of company stock valued at $1,968,866 in the last three months. Corporate insiders own 4.52% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SMAR shares. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. William Blair reissued a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. BMO Capital Markets restated a “market perform” rating and set a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. Canaccord Genuity Group reiterated a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Smartsheet has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Profile

Smartsheet, Inc engages in managing and automating collaborative work. Its platform provides solutions that eliminate the obstacles to capturing information, including a familiar and intuitive spreadsheet interface as well as easily customizable forms. The company was founded by W. Eric Browne, Maria Colacurcio, John D.