Scientech Research LLC Acquires New Stake in Smartsheet Inc (NYSE:SMAR)

Scientech Research LLC bought a new stake in Smartsheet Inc (NYSE:SMAR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 13,399 shares of the company’s stock, valued at approximately $591,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in shares of Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after buying an additional 402 shares during the last quarter. UBS Group AG raised its holdings in Smartsheet by 59.9% in the 4th quarter. UBS Group AG now owns 181,234 shares of the company’s stock valued at $8,667,000 after acquiring an additional 67,878 shares during the last quarter. Advisory Services Network LLC lifted its stake in shares of Smartsheet by 21.5% during the 4th quarter. Advisory Services Network LLC now owns 6,682 shares of the company’s stock worth $320,000 after purchasing an additional 1,184 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Smartsheet by 69.2% during the fourth quarter. Allianz Asset Management GmbH now owns 132,482 shares of the company’s stock worth $6,335,000 after purchasing an additional 54,164 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its position in shares of Smartsheet by 3.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 56,739 shares of the company’s stock valued at $2,713,000 after purchasing an additional 1,640 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Trading Up 0.0 %

SMAR opened at $55.34 on Friday. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $55.60. The firm has a market cap of $7.66 billion, a price-to-earnings ratio of -89.26 and a beta of 0.74. The company has a fifty day simple moving average of $49.46 and a 200 day simple moving average of $43.61.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share 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 company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the firm earned ($0.23) earnings per share. The company’s revenue was up 17.3% on a year-over-year basis. On average, analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its Board of Directors has authorized a share buyback program on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the sale, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jolene Lau Marshall sold 3,994 shares of the 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 of the company’s stock, valued at $714,203.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at $3,403,395. The disclosure for this sale can be found here. Insiders have sold a total of 35,157 shares of company stock valued at $1,762,763 in the last three months. Corporate insiders own 4.52% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on SMAR shares. UBS Group reiterated a “neutral” rating and set a $56.50 target price (down from $61.00) on shares of Smartsheet in a research report on Thursday. Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Wednesday. Jefferies Financial Group restated a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $56.50 price target (down previously from $59.00) on shares of Smartsheet in a report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.82.

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.