Creative Planning Trims Holdings in Smartsheet Inc (NYSE:SMAR)

Creative Planning cut its position in shares of Smartsheet Inc (NYSE:SMAR) by 8.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 10,058 shares of the company’s stock after selling 880 shares during the quarter. Creative Planning’s holdings in Smartsheet were worth $443,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after acquiring an additional 225,390 shares during the period. Eminence Capital LP raised its position in shares of Smartsheet by 9.2% in the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after buying an additional 358,988 shares during the period. RGM Capital LLC boosted its holdings in Smartsheet by 7.6% in the second quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after acquiring an additional 156,817 shares during the last quarter. Marshall Wace LLP grew its position in Smartsheet by 40.9% during the second 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, Coronation Fund Managers Ltd. increased its stake in Smartsheet by 44.2% during the first quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock worth $59,683,000 after acquiring an additional 474,898 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on SMAR. Royal Bank of Canada lifted their price target on shares of Smartsheet from $51.00 to $56.50 and gave the company a “sector perform” rating in a research report on Wednesday, September 25th. Guggenheim upped their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Barclays raised their price objective on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Truist Financial reissued a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Smartsheet presently has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Trading Down 0.1 %

Smartsheet stock opened at $56.00 on Wednesday. The firm has a market capitalization of $7.75 billion, a P/E ratio of -90.32 and a beta of 0.75. The business has a 50-day moving average of $51.45 and a 200-day moving average of $45.06. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.09.

Smartsheet (NYSE:SMAR) last released 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 during the quarter, compared to analysts’ expectations of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.23) EPS. Research analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

Insider Transactions at Smartsheet

In related news, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at $2,965,968. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, COO Stephen Robert Branstetter sold 2,004 shares of the company’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the transaction, the chief operating officer now directly owns 61,791 shares of the company’s stock, valued at $2,965,968. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total value of $197,726.27. Following the completion of the sale, the insider now directly owns 9,958 shares in the company, valued at approximately $551,374.46. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 39,734 shares of company stock valued at $2,065,058 over the last 90 days. 4.52% of the stock is owned by company insiders.

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.