KBC Group NV Acquires 530 Shares of Smartsheet Inc (NYSE:SMAR)

KBC Group NV lifted its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 16.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,712 shares of the company’s stock after purchasing an additional 530 shares during the quarter. KBC Group NV’s holdings in Smartsheet were worth $205,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Smartsheet by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after buying an additional 225,390 shares in the last quarter. Eminence Capital LP boosted its stake 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 valued at $187,399,000 after purchasing an additional 358,988 shares in the last quarter. RGM Capital LLC increased its holdings in Smartsheet by 7.6% in the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after purchasing an additional 156,817 shares in the last quarter. Marshall Wace LLP raised its position in Smartsheet by 40.9% in the second 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, AQR Capital Management LLC boosted its stake in shares of Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after purchasing an additional 881,004 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the transaction, the insider now directly owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the completion of the sale, the chief executive officer now owns 578,762 shares of the company’s stock, valued at $32,439,610.10. This represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,194 shares of company stock worth $2,248,098. 4.52% of the stock is owned by corporate insiders.

Smartsheet Trading Up 0.1 %

Shares of SMAR opened at $55.93 on Thursday. The firm has a fifty day simple moving average of $55.08 and a two-hundred day simple moving average of $48.22. The firm has a market cap of $7.77 billion, a PE ratio of -180.41 and a beta of 0.74. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to the consensus estimate 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 revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.23) earnings per share. As a group, research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has approved a share buyback plan on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have commented on SMAR. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Citigroup reiterated a “neutral” rating and issued a $56.50 target price (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. DA Davidson restated a “neutral” rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $56.50 price objective (down from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, Needham & Company LLC reissued a “hold” rating and set a $57.00 target price on shares of Smartsheet in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $55.82.

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.