Tidal Investments LLC Acquires 8,424 Shares of Smartsheet Inc (NYSE:SMAR)

Tidal Investments LLC increased its holdings in Smartsheet Inc (NYSE:SMAR) by 38.4% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 30,337 shares of the company’s stock after buying an additional 8,424 shares during the quarter. Tidal Investments LLC’s holdings in Smartsheet were worth $1,679,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Virtu Financial LLC bought a new stake in Smartsheet in the 3rd quarter worth about $695,000. Geode Capital Management LLC increased its holdings in Smartsheet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company’s stock worth $123,545,000 after buying an additional 52,293 shares in the last quarter. Vestcor Inc bought a new stake in Smartsheet in the 3rd quarter worth about $3,928,000. Barclays PLC increased its holdings in Smartsheet by 197.3% in the 3rd quarter. Barclays PLC now owns 537,408 shares of the company’s stock worth $29,749,000 after buying an additional 356,624 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in Smartsheet by 71.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 83,060 shares of the company’s stock worth $4,598,000 after buying an additional 34,723 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SMAR shares. Barclays boosted their price target on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Morgan Stanley boosted their price target on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. UBS Group restated a “neutral” rating and set a $56.50 price target (down from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. DA Davidson restated a “neutral” rating and set a $56.50 price target (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, William Blair restated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. One equities research 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. Based on data from MarketBeat, Smartsheet currently has an average rating of “Hold” and an average target price of $55.82.

Insider Buying and Selling

In related news, insider Jolene Lau Marshall sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $55.99, for a total value of $111,980.00. Following the transaction, the insider now directly owns 19,739 shares of the company’s stock, valued at approximately $1,105,186.61. The trade was a 9.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark Patrick Mader sold 47,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $55.96, for a total value of $2,681,379.36. Following the completion of the transaction, the chief executive officer now directly owns 624,356 shares in the company, valued at approximately $34,938,961.76. This represents a 7.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,692 shares of company stock valued at $4,762,909. Corporate insiders own 4.52% of the company’s stock.

Smartsheet Stock Down 0.1 %

SMAR stock opened at $55.96 on Wednesday. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The stock has a market cap of $7.83 billion, a P/E ratio of -932.67, a PEG ratio of 82.24 and a beta of 0.71. The business’s 50-day moving average price is $56.01 and its 200-day moving average price is $50.47.

Smartsheet announced that its Board of Directors has initiated a stock buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are 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.