Raleigh Capital Management Inc. Purchases New Position in Smartsheet Inc (NYSE:SMAR)

Raleigh Capital Management Inc. acquired a new position in shares of Smartsheet Inc (NYSE:SMAR) during the third quarter, HoldingsChannel.com reports. The fund acquired 565 shares of the company’s stock, valued at approximately $31,000.

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

Smartsheet Trading Up 0.1 %

Shares of Smartsheet stock opened at $55.89 on Thursday. The stock has a market capitalization of $7.77 billion, a price-to-earnings ratio of -180.28 and a beta of 0.75. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.09. The business’s 50 day simple moving average is $52.59 and its 200-day simple moving average is $45.75.

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

Smartsheet announced that its Board of Directors has authorized a share repurchase program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have commented on SMAR shares. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. DA Davidson restated a “neutral” rating and set a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $57.00 target price on shares of Smartsheet in a research note 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, the company currently has an average rating of “Hold” and an average target price of $55.82.

Insider Activity at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,730 shares of company stock worth $1,968,866 in the last ninety days. 4.52% of the stock is owned by insiders.

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.