Algert Global LLC Sells 28,401 Shares of Smartsheet Inc (NYSE:SMAR)

Algert Global LLC cut its position in shares of Smartsheet Inc (NYSE:SMAR) by 14.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 165,031 shares of the company’s stock after selling 28,401 shares during the period. Algert Global LLC’s holdings in Smartsheet were worth $9,136,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SMAR. International Assets Investment Management LLC purchased a new position in shares of Smartsheet during the second quarter valued at approximately $25,000. Versant Capital Management Inc purchased a new position in shares of Smartsheet in the 2nd quarter valued at $31,000. Raleigh Capital Management Inc. bought a new position in Smartsheet in the third quarter worth about $31,000. Waldron Private Wealth LLC acquired a new stake in Smartsheet in the third quarter valued at approximately $33,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Smartsheet in the 1st quarter worth $35,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SMAR shares. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Barclays upped their target price on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. BMO Capital Markets reissued a “market perform” rating and set a $56.50 price target (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Wells Fargo & Company restated an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, William Blair reiterated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. 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. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $55.82.

Smartsheet Price Performance

Shares of Smartsheet stock opened at $56.16 on Friday. The business has a 50 day simple moving average of $55.36 and a two-hundred day simple moving average of $48.44. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. 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 posted ($0.23) EPS. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, research analysts predict that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has initiated a share buyback 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 often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,205 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the sale, the insider now owns 18,695 shares of the company’s stock, valued at approximately $1,045,424.40. This represents a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. This trade represents a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,194 shares of company stock worth $2,248,098. Insiders own 4.52% of the company’s stock.

Smartsheet Company 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.