Smartsheet Inc (NYSE:SMAR) Shares Bought by Captrust Financial Advisors

Captrust Financial Advisors boosted its stake in Smartsheet Inc (NYSE:SMAR) by 77.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,311 shares of the company’s stock after purchasing an additional 5,811 shares during the quarter. Captrust Financial Advisors’ holdings in Smartsheet were worth $737,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Assenagon Asset Management S.A. grew its stake in shares of Smartsheet by 169.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock valued at $4,605,000 after buying an additional 65,670 shares during the period. Bailard Inc. acquired a new position in Smartsheet in the second quarter valued at $3,435,000. Bank of Montreal Can purchased a new stake in Smartsheet during the second quarter valued at about $3,274,000. New Millennium Group LLC acquired a new stake in Smartsheet during the third quarter worth about $1,770,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Smartsheet by 6,670.4% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 10,765 shares of the company’s stock worth $469,000 after purchasing an additional 10,606 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Performance

SMAR opened at $55.97 on Wednesday. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The company has a 50-day moving average of $55.95 and a 200-day moving average of $49.74. The company has a market capitalization of $7.78 billion, a P/E ratio of -932.83 and a beta of 0.71.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SMAR shares. Guggenheim cut Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Wells Fargo & Company reiterated an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a research note on Tuesday, September 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $56.50 target price on shares of Smartsheet in a research note on Thursday, October 24th. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, UBS Group reissued a “neutral” rating and issued a $56.50 price objective (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $55.82.

Insiders Place Their Bets

In other Smartsheet news, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the transaction, the insider now directly owns 18,695 shares in the company, valued at $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was 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 $32,439,610.10. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,194 shares of company stock valued at $2,248,098 in the last quarter. Insiders own 4.52% of the company’s stock.

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.