BloombergSen Inc. Reduces Position in Smartsheet Inc (NYSE:SMAR)

BloombergSen Inc. decreased its holdings in Smartsheet Inc (NYSE:SMAR) by 48.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,567 shares of the company’s stock after selling 7,009 shares during the period. Smartsheet makes up approximately 0.0% of BloombergSen Inc.’s investment portfolio, making the stock its 28th largest position. BloombergSen Inc.’s holdings in Smartsheet were worth $419,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Sei Investments Co. boosted its position in shares of Smartsheet by 20.3% during the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after acquiring an additional 24,823 shares during the last quarter. CWM LLC grew its position in Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after acquiring an additional 13,621 shares during the period. Vanguard Group Inc. increased its stake 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 acquiring an additional 225,390 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Smartsheet by 169.3% in the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock valued at $4,605,000 after purchasing an additional 65,670 shares during the period. Finally, Bailard Inc. purchased a new stake in Smartsheet in the second quarter valued at $3,435,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SMAR has been the subject of a number of research analyst reports. Morgan Stanley increased their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Citigroup reissued a “neutral” rating and set a $56.50 target price (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Royal Bank of Canada reiterated a “sector perform” rating and set a $56.50 price target on shares of Smartsheet in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $55.82.

Smartsheet Price Performance

NYSE:SMAR opened at $55.96 on Friday. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The firm has a market capitalization of $7.78 billion, a PE ratio of -180.52 and a beta of 0.74. The business’s fifty day moving average price is $53.95 and its 200 day moving average price is $47.04.

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

Smartsheet announced that its Board of Directors has authorized a share buyback program on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares in the company, valued at approximately $823,878. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,730 shares of company stock valued at $2,249,116. 4.52% of the stock is owned by corporate insiders.

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.