Smartsheet Inc (NYSE:SMAR) Shares Sold by Sei Investments Co.

Sei Investments Co. lowered its position in Smartsheet Inc (NYSE:SMAR) by 30.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,338 shares of the company’s stock after selling 44,968 shares during the period. Sei Investments Co.’s holdings in Smartsheet were worth $4,511,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. First Horizon Advisors Inc. grew its holdings in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the period. Amalgamated Bank grew its holdings in shares of Smartsheet by 3.5% in the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after acquiring an additional 294 shares during the period. Advisors Asset Management Inc. grew its holdings in shares of Smartsheet by 24.6% in the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after acquiring an additional 360 shares during the period. Washington Capital Management Inc. grew its holdings in Smartsheet by 2.1% during the 2nd quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock valued at $872,000 after buying an additional 400 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after buying an additional 402 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on SMAR. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Royal Bank of Canada increased their target price on Smartsheet from $51.00 to $56.50 and gave the company a “sector perform” rating in a report on Wednesday, September 25th. Truist Financial reiterated a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $55.82.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the transaction, the chief operating officer now directly owns 61,791 shares in the company, valued at $2,965,968. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The disclosure for this sale can be found here. Insiders have sold 35,157 shares of company stock valued at $1,762,763 over the last three months. 4.52% of the stock is owned by company insiders.

Smartsheet Price Performance

NYSE:SMAR opened at $55.35 on Wednesday. The business’s 50-day moving average is $49.73 and its two-hundred day moving average is $43.87. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $55.60. The firm has a market capitalization of $7.69 billion, a PE ratio of -89.27 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS 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 for the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the company posted ($0.23) earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. Equities analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its board has approved a share buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board 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.