US Bancorp DE Buys 200 Shares of Smartsheet Inc (NYSE:SMAR)

US Bancorp DE raised its stake in shares of Smartsheet Inc (NYSE:SMAR) by 12.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,749 shares of the company’s stock after acquiring an additional 200 shares during the quarter. US Bancorp DE’s holdings in Smartsheet were worth $97,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Swedbank AB acquired a new stake in shares of Smartsheet during the 1st quarter worth about $38,388,000. AQR Capital Management LLC raised its stake in shares of Smartsheet by 188.0% in the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after acquiring an additional 881,004 shares during the last quarter. Engaged Capital LLC acquired a new position in shares of Smartsheet in the 2nd quarter worth approximately $29,600,000. Marshall Wace LLP boosted its holdings in shares of Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after acquiring an additional 533,278 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new stake in Smartsheet during the 2nd quarter worth approximately $21,254,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insiders Place Their Bets

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. The trade was a 2.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the sale, the chief executive officer now owns 578,762 shares in the company, valued at $32,439,610.10. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,989 shares of company stock worth $2,068,874. Company insiders own 4.52% of the company’s stock.

Smartsheet Trading Down 0.0 %

NYSE:SMAR opened at $55.85 on Friday. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The firm has a market capitalization of $7.76 billion, a price-to-earnings ratio of -180.16 and a beta of 0.74. The business’s 50-day moving average price is $54.92 and its two-hundred day moving average price is $47.84.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the prior year, the business posted ($0.23) EPS. Smartsheet’s revenue was up 17.3% on a year-over-year basis. Sell-side analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has initiated a stock buyback program on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to buy up to 2.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

SMAR has been the subject of several research analyst reports. Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Morgan Stanley upped their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Jefferies Financial Group restated a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Smartsheet currently has an average rating of “Hold” and an average price target 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.