Charles Schwab Investment Management Inc. Boosts Holdings in Smartsheet Inc (NYSE:SMAR)

Charles Schwab Investment Management Inc. boosted its position in shares of Smartsheet Inc (NYSE:SMAR) by 1.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,278,665 shares of the company’s stock after purchasing an additional 20,643 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.92% of Smartsheet worth $70,787,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Raleigh Capital Management Inc. purchased a new position in shares of Smartsheet in the third quarter worth $31,000. International Assets Investment Management LLC purchased a new position in Smartsheet in the 2nd quarter worth about $25,000. Waldron Private Wealth LLC bought a new position in Smartsheet during the 3rd quarter valued at about $33,000. Versant Capital Management Inc purchased a new stake in shares of Smartsheet during the 2nd quarter valued at about $31,000. Finally, Farther Finance Advisors LLC grew its stake in shares of Smartsheet by 123.2% in the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after acquiring an additional 398 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SMAR has been the topic of several research reports. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. DA Davidson reaffirmed a “neutral” rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. William Blair reissued a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Royal Bank of Canada restated a “sector perform” rating and set a $56.50 price target on shares of Smartsheet in a research note on Thursday, October 24th. Finally, Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Smartsheet presently has an average rating of “Hold” and a consensus target price of $55.82.

Insider Buying and Selling at Smartsheet

In related news, 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 value of $280,250.00. Following the sale, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. The trade was a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the transaction, the insider now owns 13,529 shares of the company’s stock, valued at $684,432.11. This trade represents a 20.88 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,194 shares of company stock worth $2,248,098. Insiders own 4.52% of the company’s stock.

Smartsheet Stock Up 0.1 %

Shares of Smartsheet stock opened at $56.00 on Friday. The company has a market capitalization of $7.78 billion, a price-to-earnings ratio of -180.65 and a beta of 0.74. The stock’s 50-day simple moving average is $55.71 and its 200-day simple moving average is $48.91. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 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 analysts’ expectations of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.23) EPS. On average, equities analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

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

Smartsheet Company 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.