Alpine Associates Management Inc. Invests $28.03 Million in Smartsheet Inc (NYSE:SMAR)

Alpine Associates Management Inc. purchased a new position in Smartsheet Inc (NYSE:SMAR) during the third quarter, Holdings Channel reports. The institutional investor purchased 506,300 shares of the company’s stock, valued at approximately $28,029,000. Smartsheet accounts for 1.3% of Alpine Associates Management Inc.’s investment portfolio, making the stock its 20th largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC lifted its position in shares of Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after purchasing an additional 13,621 shares during the period. Vanguard Group Inc. lifted its position in shares of Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after acquiring an additional 225,390 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Smartsheet by 169.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock valued at $4,605,000 after acquiring an additional 65,670 shares during the period. Bailard Inc. acquired a new position in shares of Smartsheet during the 2nd quarter valued at $3,435,000. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Smartsheet by 94.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company’s stock valued at $3,050,000 after acquiring an additional 33,640 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Up 0.1 %

SMAR opened at $55.89 on Wednesday. The stock’s fifty day moving average is $54.99 and its two-hundred day moving average is $48.10. The company has a market capitalization of $7.77 billion, a P/E ratio of -180.28 and a beta of 0.74. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55.

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

Smartsheet announced that its Board of Directors has approved a share buyback plan on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Smartsheet

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the transaction, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. This trade represents a 20.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,194 shares of company stock worth $2,248,098 in the last 90 days. Corporate insiders own 4.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. DA Davidson reiterated a “neutral” rating and set a $56.50 target price (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Jefferies Financial Group restated a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. BMO Capital Markets reiterated a “market perform” rating and issued a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Truist Financial restated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Needham & Company LLC restated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $55.82.

About Smartsheet

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.