Rockefeller Capital Management L.P. Purchases 215,315 Shares of Smartsheet Inc (NYSE:SMAR)

Rockefeller Capital Management L.P. lifted its position in Smartsheet Inc (NYSE:SMAR) by 235.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 306,784 shares of the company’s stock after acquiring an additional 215,315 shares during the quarter. Rockefeller Capital Management L.P. owned 0.22% of Smartsheet worth $16,984,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brooklyn Investment Group bought a new stake in shares of Smartsheet in the third quarter valued at about $28,000. Raleigh Capital Management Inc. purchased a new position in Smartsheet in the third quarter valued at about $31,000. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet during the second quarter worth about $25,000. Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet during the third quarter worth about $33,000. Finally, Versant Capital Management Inc purchased a new stake in shares of Smartsheet during the second quarter worth about $31,000. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Stock Down 0.1 %

Shares of NYSE SMAR opened at $55.95 on Monday. The stock’s 50 day moving average price is $55.80 and its two-hundred day moving average price is $49.13. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55. The stock has a market capitalization of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the prior year, the firm posted ($0.23) earnings per share. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its Board of Directors has initiated a share repurchase plan on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

SMAR has been the topic of a number of recent research reports. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $56.50 price target on shares of Smartsheet in a report on Thursday, October 24th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 target price (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Citigroup reaffirmed a “neutral” rating and set a $56.50 target price (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. One investment 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 stock currently has a consensus rating of “Hold” and an average target price of $55.82.

Insider Buying and Selling at Smartsheet

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the 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 sale, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. This represents a 2.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the sale, the insider now owns 13,529 shares in the company, valued at approximately $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,194 shares of company stock worth $2,248,098 over the last quarter. 4.52% of the stock is owned by corporate insiders.

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.