Harbor Capital Advisors Inc. Has $197,000 Stake in Smartsheet Inc (NYSE:SMAR)

Harbor Capital Advisors Inc. reduced its holdings in Smartsheet Inc (NYSE:SMAR) by 94.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,558 shares of the company’s stock after selling 65,631 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Smartsheet were worth $197,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Swedbank AB bought a new position in Smartsheet in the 1st quarter worth approximately $38,388,000. AQR Capital Management LLC grew its stake in shares of Smartsheet by 188.0% in the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after acquiring an additional 881,004 shares during the last quarter. Engaged Capital LLC acquired a new position in Smartsheet during the 2nd quarter valued at $29,600,000. Marshall Wace LLP raised its stake in Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after purchasing an additional 533,278 shares during the last quarter. Finally, Panagora Asset Management Inc. bought a new stake in Smartsheet in the 2nd quarter valued at $21,254,000. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Stock Performance

Shares of SMAR stock opened at $55.96 on Friday. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The stock has a market capitalization of $7.78 billion, a PE ratio of -180.35 and a beta of 0.74. The stock’s fifty day moving average is $53.95 and its 200-day moving average is $47.04.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same quarter in the prior year, the firm earned ($0.23) EPS. The company’s revenue was up 17.3% on a year-over-year basis. As a group, analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its board has authorized a stock buyback plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the business’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 transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction 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 directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $56.05, for a total transaction of $280,250.00. Following the completion of the transaction, the chief executive officer now directly owns 578,762 shares of the company’s stock, valued at $32,439,610.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,730 shares of company stock valued at $2,249,116 over the last three months. Company insiders own 4.52% of the company’s stock.

Analyst Upgrades and Downgrades

SMAR has been the topic of several research reports. Morgan Stanley boosted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Jefferies Financial Group reiterated a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. William Blair restated a “market perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Guggenheim raised their target price on Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet has an average 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.