Glenmede Trust Co. NA Purchases 437,371 Shares of Smartsheet Inc (NYSE:SMAR)

Glenmede Trust Co. NA grew its position in shares of Smartsheet Inc (NYSE:SMAR) by 464.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 531,557 shares of the company’s stock after buying an additional 437,371 shares during the quarter. Glenmede Trust Co. NA’s holdings in Smartsheet were worth $29,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC bought a new stake in Smartsheet in the 2nd quarter valued at about $25,000. Brooklyn Investment Group bought a new position in Smartsheet during the 3rd quarter worth $28,000. Versant Capital Management Inc acquired a new position in Smartsheet in the 2nd quarter valued at $31,000. Raleigh Capital Management Inc. acquired a new position in Smartsheet in the 3rd quarter valued at $31,000. Finally, Waldron Private Wealth LLC acquired a new stake in shares of Smartsheet during the 3rd quarter worth $33,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Price Performance

Smartsheet stock opened at $56.00 on Thursday. The stock’s 50 day moving average is $55.60 and its 200 day moving average is $48.86. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55. The firm has a market cap of $7.78 billion, a P/E ratio of -180.65 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same quarter in the previous year, the company earned ($0.23) EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. Equities analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its Board of Directors has authorized a share buyback program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

SMAR has been the subject of a number of analyst reports. Canaccord Genuity 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 Wednesday, September 25th. Needham & Company LLC restated a “hold” rating and issued a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. Canaccord Genuity Group lowered shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Jefferies Financial Group restated a “hold” 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, Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $55.82.

Insider Activity at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred on 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 owns 64,215 shares of the company’s stock, valued at $3,403,395. This trade represents a 2.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the transaction, the insider now owns 13,529 shares in the company, valued at $684,432.11. The trade was a 20.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is owned by company insiders.

About Smartsheet

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.