Smartsheet Inc (NYSE:SMAR) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. decreased its holdings in Smartsheet Inc (NYSE:SMAR) by 40.7% in the third quarter, Holdings Channel reports. The firm owned 53,021 shares of the company’s stock after selling 36,376 shares during the period. Franklin Resources Inc.’s holdings in Smartsheet were worth $2,971,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SMAR. US Bancorp DE raised its stake in Smartsheet by 12.9% in the third quarter. US Bancorp DE now owns 1,749 shares of the company’s stock valued at $97,000 after buying an additional 200 shares during the last quarter. Landscape Capital Management L.L.C. increased its holdings in shares of Smartsheet by 0.3% during the third quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock valued at $4,596,000 after acquiring an additional 225 shares in the last quarter. First Horizon Advisors Inc. raised its position in shares of Smartsheet by 25.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock valued at $62,000 after purchasing an additional 228 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Smartsheet by 2.4% in the 3rd quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock worth $639,000 after purchasing an additional 266 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in Smartsheet by 2.1% during the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock worth $734,000 after purchasing an additional 277 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,205 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the transaction, the insider now directly owns 18,695 shares of the company’s stock, valued at $1,045,424.40. This represents a 14.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mark Patrick Mader sold 47,916 shares of Smartsheet stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $55.96, for a total transaction of $2,681,379.36. Following the completion of the sale, the chief executive officer now directly owns 624,356 shares in the company, valued at $34,938,961.76. This represents a 7.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,692 shares of company stock valued at $3,727,309 in the last ninety days. 4.52% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on SMAR shares. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Morgan Stanley lifted 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. Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Performance

SMAR stock opened at $56.00 on Thursday. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55. The firm’s fifty day moving average is $56.03 and its 200 day moving average is $51.02. The firm has a market cap of $7.84 billion, a PE ratio of -933.33, a P/E/G ratio of 82.24 and a beta of 0.71.

Smartsheet declared that its board has initiated a stock buyback plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

About Smartsheet

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.