Wrapmanager Inc. Has $275,000 Position in Smartsheet Inc (NYSE:SMAR)

Wrapmanager Inc. trimmed its position in shares of Smartsheet Inc (NYSE:SMAR) by 13.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,242 shares of the company’s stock after selling 950 shares during the quarter. Wrapmanager Inc.’s holdings in Smartsheet were worth $275,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in Smartsheet during the 2nd quarter worth approximately $25,000. Banque Cantonale Vaudoise acquired a new position in shares of Smartsheet during the first quarter worth $29,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the second quarter valued at $31,000. Plato Investment Management Ltd acquired a new stake in Smartsheet in the first quarter valued at $35,000. Finally, First Horizon Advisors Inc. raised its position in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Smartsheet

In other news, CFO Pete Godbole sold 7,244 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $41.22, for a total value of $298,597.68. Following the completion of the sale, the chief financial officer now owns 30,786 shares in the company, valued at $1,268,998.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Pete Godbole sold 7,244 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $41.22, for a total value of $298,597.68. Following the completion of the transaction, the chief financial officer now directly owns 30,786 shares of the company’s stock, valued at $1,268,998.92. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 4,272 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the sale, the chief operating officer now directly owns 63,795 shares of the company’s stock, valued at $2,833,773.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,255 shares of company stock worth $936,975. Corporate insiders own 4.52% of the company’s stock.

Smartsheet Stock Performance

Shares of NYSE SMAR opened at $52.22 on Friday. The stock has a market cap of $7.22 billion, a price-to-earnings ratio of -84.23 and a beta of 0.74. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $54.28. The firm’s 50-day simple moving average is $47.77 and its 200 day simple moving average is $42.84.

Smartsheet (NYSE:SMAR) last posted 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 company had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.23) earnings per share. On average, sell-side analysts predict that Smartsheet Inc will post -0.05 EPS for the current year.

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SMAR. DA Davidson reissued a “buy” rating and issued a $55.00 price target on shares of Smartsheet in a research note on Friday, September 6th. Guggenheim raised their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Truist Financial upped their price objective on shares of Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Needham & Company LLC restated a “buy” rating and issued a $57.00 target price on shares of Smartsheet in a report on Friday, September 6th. Finally, UBS Group lifted their price objective on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.06.

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.