TimesSquare Capital Management LLC Decreases Holdings in Smartsheet Inc (NYSE:SMAR)

TimesSquare Capital Management LLC trimmed its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 1.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,060,851 shares of the company’s stock after selling 39,291 shares during the period. Smartsheet comprises approximately 1.5% of TimesSquare Capital Management LLC’s portfolio, making the stock its 11th largest position. TimesSquare Capital Management LLC owned about 1.51% of Smartsheet worth $98,550,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SMAR. McGlone Suttner Wealth Management Inc. purchased a new stake in Smartsheet during the 4th quarter valued at $33,000. Allworth Financial LP increased its holdings in Smartsheet by 2,503.4% during the 4th quarter. Allworth Financial LP now owns 755 shares of the company’s stock valued at $36,000 after purchasing an additional 726 shares during the period. Castleview Partners LLC bought a new position in Smartsheet during the 3rd quarter valued at approximately $39,000. DekaBank Deutsche Girozentrale purchased a new stake in Smartsheet in the 3rd quarter worth approximately $105,000. Finally, Vinva Investment Management Ltd purchased a new position in shares of Smartsheet during the third quarter valued at approximately $131,000. 90.01% of the stock is owned by institutional investors.

Smartsheet Price Performance

Shares of SMAR stock traded down $0.04 during mid-day trading on Thursday, hitting $38.84. The company had a trading volume of 1,253,929 shares, compared to its average volume of 1,511,590. The company has a market capitalization of $5.34 billion, a P/E ratio of -49.16 and a beta of 0.73. The stock’s 50 day moving average price is $39.03 and its 200-day moving average price is $42.33. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $52.81.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, March 14th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.17. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. The company had revenue of $256.95 million for the quarter, compared to the consensus estimate of $254.99 million. On average, equities research analysts expect that Smartsheet Inc will post -0.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. DA Davidson cut their price target on shares of Smartsheet from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Wells Fargo & Company lowered their price objective on shares of Smartsheet from $55.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, March 15th. BMO Capital Markets decreased their target price on Smartsheet from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, March 18th. Royal Bank of Canada reduced their target price on shares of Smartsheet from $48.00 to $36.00 and set a “sector perform” rating on the stock in a research report on Friday, March 15th. Finally, Citigroup upgraded Smartsheet from a “neutral” rating to a “buy” rating and upped their price target for the stock from $56.00 to $63.00 in a research note on Thursday, January 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Smartsheet presently has a consensus rating of “Moderate Buy” and an average target price of $49.75.

Insiders Place Their Bets

In related news, CRO Michael Arntz sold 7,702 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $39.44, for a total value of $303,766.88. Following the sale, the executive now directly owns 12,718 shares of the company’s stock, valued at approximately $501,597.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Stephen Robert Branstetter sold 5,737 shares of Smartsheet stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $38.22, for a total transaction of $219,268.14. Following the completion of the sale, the chief operating officer now owns 67,801 shares of the company’s stock, valued at $2,591,354.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Michael Arntz sold 7,702 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $39.44, for a total value of $303,766.88. Following the completion of the transaction, the executive now directly owns 12,718 shares in the company, valued at approximately $501,597.92. The disclosure for this sale can be found here. Insiders sold 23,568 shares of company stock valued at $914,723 over the last three months. 4.71% of the stock is owned by company insiders.

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.