Smartsheet Inc (NYSE:SMAR) Shares Sold by Fmr LLC

Fmr LLC decreased its stake in Smartsheet Inc (NYSE:SMAR) by 94.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,054 shares of the company’s stock after selling 235,801 shares during the period. Fmr LLC’s holdings in Smartsheet were worth $723,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. AQR Capital Management LLC boosted its stake in 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 in the last quarter. Citigroup Inc. lifted its holdings in shares of Smartsheet by 2,767.1% in the 3rd quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock valued at $45,589,000 after purchasing an additional 794,779 shares during the last quarter. Engaged Capital LLC acquired a new stake in shares of Smartsheet in the 2nd quarter valued at about $29,600,000. Marshall Wace LLP grew its stake in Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after buying an additional 533,278 shares during the last quarter. Finally, Alpine Associates Management Inc. acquired a new position in Smartsheet during the third quarter worth approximately $28,029,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SMAR shares. Canaccord Genuity Group reissued a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. DA Davidson reiterated a “neutral” rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. William Blair restated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Finally, Truist Financial reissued a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $55.82.

Insider Transactions at Smartsheet

In other news, CEO Mark Patrick Mader sold 47,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $55.96, for a total transaction of $2,681,379.36. Following the sale, the chief executive officer now owns 624,356 shares of the company’s stock, valued at $34,938,961.76. The trade was a 7.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total value of $197,726.27. Following the completion of the transaction, the insider now directly owns 9,958 shares of the company’s stock, valued at $551,374.46. The trade was a 26.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 86,692 shares of company stock valued at $4,762,909 in the last ninety days. 4.52% of the stock is currently owned by company insiders.

Smartsheet Stock Performance

NYSE:SMAR opened at $55.96 on Wednesday. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The stock has a fifty day moving average price of $56.01 and a two-hundred day moving average price of $50.47. The stock has a market capitalization of $7.83 billion, a price-to-earnings ratio of -932.67, a PEG ratio of 82.24 and a beta of 0.71.

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