Smartsheet Inc (NYSE:SMAR) Shares Sold by BloombergSen Inc.

BloombergSen Inc. trimmed its stake in shares of Smartsheet Inc (NYSE:SMAR) by 48.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,567 shares of the company’s stock after selling 7,009 shares during the quarter. Smartsheet comprises 0.0% of BloombergSen Inc.’s investment portfolio, making the stock its 28th biggest holding. BloombergSen Inc.’s holdings in Smartsheet were worth $419,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC grew its holdings in Smartsheet by 250.1% during the first quarter. SG Americas Securities LLC now owns 15,630 shares of the company’s stock worth $602,000 after acquiring an additional 11,166 shares during the period. Swiss National Bank increased its holdings in Smartsheet by 1.1% in the first quarter. Swiss National Bank now owns 255,700 shares of the company’s stock valued at $9,844,000 after buying an additional 2,700 shares in the last quarter. Sei Investments Co. lifted its position in shares of Smartsheet by 20.3% during the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after acquiring an additional 24,823 shares during the period. Qsemble Capital Management LP boosted its stake in shares of Smartsheet by 144.4% during the 1st quarter. Qsemble Capital Management LP now owns 41,098 shares of the company’s stock worth $1,582,000 after acquiring an additional 24,281 shares in the last quarter. Finally, Motley Fool Asset Management LLC boosted its position in Smartsheet by 277.4% during the first quarter. Motley Fool Asset Management LLC now owns 271,832 shares of the company’s stock worth $10,466,000 after purchasing an additional 199,798 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on SMAR. BMO Capital Markets restated a “market perform” rating and set a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Morgan Stanley lifted their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Truist Financial reissued a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $56.50 price objective on shares of Smartsheet in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $55.82.

Smartsheet Stock Down 0.1 %

Shares of SMAR opened at $55.96 on Friday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The company’s fifty day moving average is $53.95 and its two-hundred day moving average is $47.04. The firm has a market cap of $7.78 billion, a PE ratio of -180.52 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its earnings results 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. The firm had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.23) earnings per share. As a group, equities research analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has approved a share repurchase program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now owns 17,100 shares in the company, valued at approximately $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing 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 stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now directly owns 17,100 shares in the company, valued at $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,730 shares of company stock worth $2,249,116. 4.52% of the stock is currently 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.