Atom Investors LP acquired a new position in shares of Smartsheet Inc (NYSE:SMAR – Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,780 shares of the company’s stock, valued at approximately $375,000.
Several other hedge funds also recently made changes to their positions in SMAR. International Assets Investment Management LLC purchased a new position in shares of Smartsheet during the second quarter worth about $25,000. Brooklyn Investment Group purchased a new position in shares of Smartsheet during the third quarter worth about $28,000. Raleigh Capital Management Inc. purchased a new position in shares of Smartsheet during the third quarter worth about $31,000. Waldron Private Wealth LLC purchased a new position in shares of Smartsheet during the third quarter worth about $33,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after buying an additional 244 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on SMAR shares. Canaccord Genuity Group lowered Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Jefferies Financial Group reissued a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. DA Davidson restated a “neutral” rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Barclays raised their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.82.
Smartsheet Trading Up 0.1 %
SMAR stock opened at $56.10 on Thursday. The firm has a 50 day moving average of $55.90 and a 200-day moving average of $49.37. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55. The company has a market cap of $7.80 billion, a price-to-earnings ratio of -180.97 and a beta of 0.71.
Smartsheet (NYSE:SMAR – Get Free Report) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $274.23 million. During the same period in the previous year, the firm posted ($0.23) EPS. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. Sell-side analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.
Smartsheet announced that its board has approved a stock buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to repurchase 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.
Insider Buying and Selling
In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet 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 directly owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction that occurred on Thursday, September 19th. The stock was 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. The trade was a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,194 shares of company stock worth $2,248,098 in the last ninety days. Insiders own 4.52% of the company’s stock.
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.
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