Smartsheet Inc (NYSE:SMAR) Stock Holdings Lessened by Handelsbanken Fonder AB

Handelsbanken Fonder AB trimmed its stake in Smartsheet Inc (NYSE:SMAR) by 6.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,975 shares of the company’s stock after selling 1,900 shares during the quarter. Handelsbanken Fonder AB’s holdings in Smartsheet were worth $1,659,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SMAR. International Assets Investment Management LLC purchased a new position in Smartsheet in the 2nd quarter worth about $25,000. Banque Cantonale Vaudoise purchased a new position in shares of Smartsheet in the first quarter worth approximately $29,000. Versant Capital Management Inc acquired a new stake in shares of Smartsheet during the second quarter valued at approximately $31,000. Plato Investment Management Ltd purchased a new stake in shares of Smartsheet in the 1st quarter valued at approximately $35,000. Finally, First Horizon Advisors Inc. lifted its position in shares of Smartsheet by 37.5% in the 2nd 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 currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total value of $197,726.27. Following the sale, the insider now directly owns 9,958 shares of the company’s stock, valued at approximately $551,374.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the completion of the sale, the insider now owns 9,958 shares in the company, valued at $551,374.46. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,734 shares of company stock valued at $2,065,058 in the last quarter. Insiders own 4.52% of the company’s stock.

Smartsheet Price Performance

Smartsheet stock opened at $55.51 on Friday. Smartsheet Inc has a one year low of $35.52 and a one year high of $55.63. The company’s fifty day moving average price is $50.66 and its two-hundred day moving average price is $44.53. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of -89.53 and a beta of 0.75.

Smartsheet (NYSE:SMAR) last issued 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. The business had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.23) EPS. As a group, sell-side analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced 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 typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

SMAR has been the topic of several recent analyst reports. Citigroup reissued a “neutral” rating and set a $56.50 target price (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Canaccord Genuity Group lowered Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Truist Financial reissued a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 target price on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Needham & Company LLC reiterated a “hold” rating and issued a $57.00 target price on shares of Smartsheet in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $55.82.

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.