Smith Group Asset Management LLC Buys 2,150 Shares of Smartsheet Inc (NYSE:SMAR)

Smith Group Asset Management LLC boosted its stake in Smartsheet Inc (NYSE:SMAR) by 14.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,170 shares of the company’s stock after purchasing an additional 2,150 shares during the quarter. Smith Group Asset Management LLC’s holdings in Smartsheet were worth $951,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Smartsheet by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after buying an additional 225,390 shares during the period. Eminence Capital LP increased its holdings in shares of Smartsheet by 9.2% in the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after acquiring an additional 358,988 shares in the last quarter. RGM Capital LLC raised its position in shares of Smartsheet by 7.6% during the second quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after purchasing an additional 156,817 shares during the period. Marshall Wace LLP lifted its holdings in shares of Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after purchasing an additional 533,278 shares in the last quarter. Finally, Coronation Fund Managers Ltd. grew its position in shares of Smartsheet by 44.2% in the 1st quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock valued at $59,683,000 after purchasing an additional 474,898 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on SMAR. Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Citigroup reissued a “neutral” rating and issued a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Truist Financial 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 Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $55.82.

Insider Transactions at Smartsheet

In related news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,730 shares of company stock worth $1,968,866 over the last quarter. Company insiders own 4.52% of the company’s stock.

Smartsheet Stock Down 0.2 %

SMAR opened at $56.38 on Tuesday. The stock has a market cap of $7.83 billion, a price-to-earnings ratio of -181.87 and a beta of 0.75. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55. The business has a 50 day moving average of $53.01 and a 200-day moving average of $46.17.

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

Smartsheet announced that its board has authorized a share repurchase plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board 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.