Meeder Asset Management Inc. Purchases 36,568 Shares of Smartsheet Inc (NYSE:SMAR)

Meeder Asset Management Inc. increased its position in shares of Smartsheet Inc (NYSE:SMAR) by 933.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,485 shares of the company’s stock after purchasing an additional 36,568 shares during the quarter. Meeder Asset Management Inc.’s holdings in Smartsheet were worth $1,785,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in Smartsheet by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares during the period. Dorsal Capital Management LP lifted its position in Smartsheet by 4.0% during the fourth quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock worth $154,220,000 after purchasing an additional 125,000 shares during the period. Westfield Capital Management Co. LP lifted its position in Smartsheet by 9.0% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,706,943 shares of the company’s stock worth $129,446,000 after purchasing an additional 224,513 shares during the period. Coronation Fund Managers Ltd. lifted its holdings in shares of Smartsheet by 44.2% in the first quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock worth $59,683,000 after acquiring an additional 474,898 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Smartsheet in the fourth quarter worth about $68,879,000. Institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

SMAR has been the subject of a number of research reports. Guggenheim increased their target price on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, September 6th. DA Davidson reissued a “buy” rating and issued a $55.00 target price on shares of Smartsheet in a report on Friday, September 6th. Needham & Company LLC reissued a “buy” rating and issued a $57.00 target price on shares of Smartsheet in a report on Friday, September 6th. Citigroup increased their target price on shares of Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, BMO Capital Markets increased their target price on shares of Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $55.06.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares of the company’s stock, valued at approximately $823,878. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares of the company’s stock, valued at approximately $823,878. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Stephen Robert Branstetter sold 4,272 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $44.42, for a total transaction of $189,762.24. Following the sale, the chief operating officer now directly owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,255 shares of company stock valued at $936,975. 4.52% of the stock is currently owned by company insiders.

Smartsheet Stock Performance

NYSE:SMAR opened at $50.57 on Friday. The company has a market capitalization of $7.00 billion, a PE ratio of -81.56 and a beta of 0.74. The company has a 50 day simple moving average of $47.60 and a two-hundred day simple moving average of $42.77. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $54.28.

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

Smartsheet announced that its Board of Directors has approved a stock repurchase 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 often an indication that the company’s leadership believes its stock is undervalued.

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.