Delap Wealth Advisory LLC Makes New $531,000 Investment in Smartsheet Inc (NYSE:SMAR)

Delap Wealth Advisory LLC bought a new stake in shares of Smartsheet Inc (NYSE:SMAR) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 12,041 shares of the company’s stock, valued at approximately $531,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SMAR. International Assets Investment Management LLC acquired a new stake in Smartsheet during the 2nd quarter valued at approximately $25,000. Banque Cantonale Vaudoise acquired a new stake in shares of Smartsheet during the first quarter worth approximately $29,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet in the second quarter worth $31,000. Plato Investment Management Ltd bought a new stake in shares of Smartsheet in the first quarter worth $35,000. Finally, First Horizon Advisors Inc. raised its holdings in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the sale, the insider now owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,429 shares of company stock worth $1,952,525. Company insiders own 4.52% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SMAR. Guggenheim raised their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Truist Financial boosted their price objective on Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group upped their price objective on Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Wells Fargo & Company lifted their target price on Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, June 6th. Finally, Canaccord Genuity Group upped their price target on Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Smartsheet currently has an average rating of “Moderate Buy” and a consensus target price of $55.06.

Smartsheet Stock Performance

SMAR stock opened at $51.44 on Friday. The stock’s fifty day moving average is $48.61 and its two-hundred day moving average is $43.17. The stock has a market capitalization of $7.15 billion, a price-to-earnings ratio of -82.97 and a beta of 0.74. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $54.50.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (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 firm had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period in the previous year, the business posted ($0.23) EPS. Smartsheet’s revenue was up 17.3% on a year-over-year basis. As a group, analysts predict that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

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.