Smartsheet Inc (NYSE:SMAR) Shares Sold by Olympiad Research LP

Olympiad Research LP lowered its stake in shares of Smartsheet Inc (NYSE:SMAR) by 25.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,686 shares of the company’s stock after selling 3,335 shares during the quarter. Olympiad Research LP’s holdings in Smartsheet were worth $536,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Swedbank AB acquired a new position in shares of Smartsheet in the 1st quarter valued at $38,388,000. AQR Capital Management LLC increased its holdings in shares of Smartsheet by 188.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after acquiring an additional 881,004 shares during the period. Engaged Capital LLC acquired a new position in shares of Smartsheet in the 2nd quarter valued at $29,600,000. Marshall Wace LLP increased its holdings in shares of Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after acquiring an additional 533,278 shares during the period. Finally, Panagora Asset Management Inc. acquired a new position in shares of Smartsheet in the 2nd quarter valued at $21,254,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Citigroup reaffirmed a “neutral” rating and issued a $56.50 target price (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. UBS Group reaffirmed a “neutral” rating and issued a $56.50 target price (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Canaccord Genuity Group reiterated a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Truist Financial reiterated a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Smartsheet currently has a consensus rating of “Hold” and a consensus price target of $55.82.

Insider Activity

In other news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the transaction, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares in the company, valued at approximately $823,878. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the sale, the chief executive officer now owns 578,762 shares of the company’s stock, valued at $32,439,610.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,730 shares of company stock valued at $2,249,116 in the last 90 days. 4.52% of the stock is currently owned by insiders.

Smartsheet Price Performance

NYSE SMAR opened at $56.08 on Thursday. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The company has a 50-day moving average of $53.95 and a 200-day moving average of $47.04. The company has a market cap of $7.79 billion, a P/E ratio of -180.90 and a beta of 0.74.

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

Smartsheet declared that its board has authorized a share buyback program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.