Canada Pension Plan Investment Board Has $15.79 Million Position in Smartsheet Inc (NYSE:SMAR)

Canada Pension Plan Investment Board raised its stake in Smartsheet Inc (NYSE:SMAR) by 92.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 358,100 shares of the company’s stock after acquiring an additional 172,000 shares during the period. Canada Pension Plan Investment Board’s holdings in Smartsheet were worth $15,785,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Sei Investments Co. increased its stake in Smartsheet by 20.3% in the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after acquiring an additional 24,823 shares during the last quarter. Norges Bank acquired a new position in shares of Smartsheet during the 4th quarter worth $68,879,000. CWM LLC lifted its position in shares of Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in Smartsheet in the first quarter valued at about $1,512,000. Finally, Alberta Investment Management Corp bought a new position in Smartsheet in the fourth quarter valued at about $1,219,000. 90.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SMAR has been the subject of a number of research reports. Citigroup increased their target price on shares of Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Guggenheim increased their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, September 6th. BMO Capital Markets boosted their target price on shares of Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a research note on Friday, September 6th. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Friday, September 6th. Finally, DA Davidson reissued a “buy” rating and set a $55.00 price objective on shares of Smartsheet in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $55.06.

Smartsheet Price Performance

Smartsheet stock opened at $52.08 on Tuesday. The stock’s 50 day moving average is $48.76 and its 200 day moving average is $43.25. Smartsheet Inc has a one year low of $35.52 and a one year high of $54.50. The firm has a market cap of $7.20 billion, a P/E ratio of -84.00 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 for the quarter, compared to analyst estimates of $274.23 million. During the same period in the prior year, the firm posted ($0.23) EPS. The company’s quarterly revenue 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 has authorized a share repurchase program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, 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 value of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the sale, the chief operating officer now directly owns 61,791 shares of the company’s stock, valued at $2,965,968. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,429 shares of company stock worth $1,952,525. Company insiders own 4.52% of the company’s stock.

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.