Wealth Enhancement Advisory Services LLC Purchases 21,384 Shares of Smartsheet Inc (NYSE:SMAR)

Wealth Enhancement Advisory Services LLC grew its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 294.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,649 shares of the company’s stock after acquiring an additional 21,384 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Smartsheet were worth $1,586,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in Smartsheet during the second quarter worth $25,000. Versant Capital Management Inc purchased a new stake in Smartsheet in the second quarter worth $31,000. Raleigh Capital Management Inc. purchased a new stake in Smartsheet in the 3rd quarter worth about $31,000. Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet during the 3rd quarter valued at approximately $33,000. Finally, Plato Investment Management Ltd bought a new position in Smartsheet in the 1st quarter worth approximately $35,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SMAR has been the topic of a number of analyst reports. Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Barclays boosted their price objective on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Morgan Stanley increased their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Citigroup reaffirmed a “neutral” rating and set a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Down 0.3 %

NYSE:SMAR opened at $56.25 on Monday. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of -181.45 and a beta of 0.74. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The firm has a 50 day moving average of $53.55 and a 200 day moving average of $46.71.

Smartsheet (NYSE:SMAR) last announced its quarterly 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 analysts’ expectations of $274.23 million. During the same period last year, the business earned ($0.23) earnings per share. Smartsheet’s quarterly revenue was up 17.3% on a year-over-year basis. As a group, analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its Board of Directors has initiated a share buyback plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares in the company, valued at approximately $823,878. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,730 shares of company stock worth $1,968,866. Corporate 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.