The Manufacturers Life Insurance Company Purchases 1,400 Shares of Smartsheet Inc (NYSE:SMAR)

The Manufacturers Life Insurance Company grew its position in shares of Smartsheet Inc (NYSE:SMAR) by 4.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 32,802 shares of the company’s stock after acquiring an additional 1,400 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Smartsheet were worth $1,446,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SMAR. Granahan Investment Management LLC boosted its position in shares of Smartsheet by 908.1% during the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after acquiring an additional 937,483 shares during the last quarter. Vanguard Group Inc. lifted its position in Smartsheet by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 13,583,818 shares of the company’s stock worth $649,578,000 after buying an additional 276,117 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after buying an additional 402 shares during the last quarter. Moody National Bank Trust Division lifted its position in Smartsheet by 20.3% in the first quarter. Moody National Bank Trust Division now owns 44,123 shares of the company’s stock worth $1,699,000 after buying an additional 7,431 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in Smartsheet by 26.2% in the first quarter. Los Angeles Capital Management LLC now owns 792,997 shares of the company’s stock worth $30,530,000 after buying an additional 164,859 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Stock Down 0.1 %

SMAR stock opened at $55.51 on Friday. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $55.63. The stock’s fifty day simple moving average is $50.66 and its 200-day simple moving average is $44.53. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of -89.53 and a beta of 0.75.

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

Smartsheet declared that its Board of Directors has approved a stock repurchase 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 an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, COO Stephen Robert Branstetter sold 2,004 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $48.00, for a total value of $96,192.00. Following the sale, the chief operating officer now directly owns 61,791 shares of the company’s stock, valued at approximately $2,965,968. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, 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 completion of the sale, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the sale, the chief operating officer now owns 61,791 shares of the company’s stock, valued at $2,965,968. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,734 shares of company stock valued at $2,065,058. Company insiders own 4.52% of the company’s stock.

Analyst Ratings Changes

SMAR has been the subject of a number of analyst reports. Morgan Stanley raised their price target on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Canaccord Genuity Group reiterated a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Citigroup reiterated a “neutral” rating and issued a $56.50 target price (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Truist Financial reiterated a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, William Blair reiterated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $55.82.

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.