Bardin Hill Management Partners LP Acquires Shares of 124,688 Smartsheet Inc (NYSE:SMAR)

Bardin Hill Management Partners LP bought a new stake in Smartsheet Inc (NYSE:SMAR) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 124,688 shares of the company’s stock, valued at approximately $6,903,000. Smartsheet accounts for approximately 3.2% of Bardin Hill Management Partners LP’s holdings, making the stock its 11th biggest position.

A number of other institutional investors have also recently made changes to their positions in SMAR. US Bancorp DE increased its holdings in Smartsheet by 12.9% in the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after acquiring an additional 200 shares during the last quarter. Landscape Capital Management L.L.C. increased its stake in shares of Smartsheet by 0.3% in the third quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock worth $4,596,000 after purchasing an additional 225 shares in the last quarter. First Horizon Advisors Inc. raised its position in shares of Smartsheet by 25.5% in the third quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock valued at $62,000 after purchasing an additional 228 shares during the period. Principal Financial Group Inc. raised its position in shares of Smartsheet by 2.4% in the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock valued at $639,000 after purchasing an additional 266 shares during the period. Finally, Larson Financial Group LLC boosted its holdings in Smartsheet by 2.1% in the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock worth $734,000 after buying an additional 277 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity

In other news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. This trade represents a 3.29 % decrease in their position. The sale was disclosed in a 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 business’s stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SMAR has been the topic of a number of analyst reports. Barclays boosted their target price on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. William Blair reiterated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Performance

Shares of NYSE:SMAR opened at $55.95 on Monday. The firm has a market capitalization of $7.77 billion, a PE ratio of -180.48 and a beta of 0.74. The firm has a fifty day moving average of $55.80 and a 200 day moving average of $49.13. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55.

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

Smartsheet declared that its Board of Directors has approved a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

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.