First Horizon Advisors Inc. Purchases 228 Shares of Smartsheet Inc (NYSE:SMAR)

First Horizon Advisors Inc. lifted its position in shares of Smartsheet Inc (NYSE:SMAR) by 25.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,122 shares of the company’s stock after purchasing an additional 228 shares during the period. First Horizon Advisors Inc.’s holdings in Smartsheet were worth $62,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Eminence Capital LP increased its holdings in shares of Smartsheet by 9.2% in the second 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 during the last quarter. RGM Capital LLC lifted its position in shares of Smartsheet by 7.6% during the 2nd 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 period. Marshall Wace LLP increased its holdings in Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after buying an additional 533,278 shares during the period. AQR Capital Management LLC lifted its stake in Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after purchasing an additional 881,004 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in shares of Smartsheet by 4.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,207,780 shares of the company’s stock valued at $46,500,000 after purchasing an additional 52,026 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on SMAR shares. Citigroup reaffirmed a “neutral” rating and issued a $56.50 price objective (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. William Blair restated a “market perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Smartsheet currently has an average rating of “Hold” and a consensus price target of $55.82.

Insider Transactions at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.59, for a total value of $180,656.89. Following the sale, the insider now owns 13,529 shares in the company, valued at approximately $684,432.11. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is currently owned by corporate insiders.

Smartsheet Stock Performance

SMAR opened at $56.15 on Monday. The firm has a 50-day moving average of $55.36 and a 200 day moving average of $48.57. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The firm has a market cap of $7.80 billion, a P/E ratio of -181.12 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating 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 business had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the previous year, the firm posted ($0.23) EPS. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. Equities research analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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

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.