Smartsheet Inc (NYSE:SMAR) Shares Sold by Swedbank AB

Swedbank AB cut its holdings in Smartsheet Inc (NYSE:SMAR) by 59.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 403,983 shares of the company’s stock after selling 593,117 shares during the period. Swedbank AB’s holdings in Smartsheet were worth $22,364,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Raleigh Capital Management Inc. bought a new position in Smartsheet in the third quarter worth about $31,000. International Assets Investment Management LLC bought a new position in Smartsheet during the 2nd quarter worth $25,000. Waldron Private Wealth LLC bought a new position in Smartsheet during the 3rd quarter worth $33,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the second quarter worth $31,000. Finally, Farther Finance Advisors LLC lifted its stake in Smartsheet by 123.2% in the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock valued at $40,000 after buying an additional 398 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Smartsheet Stock Performance

Shares of NYSE:SMAR opened at $56.08 on Tuesday. The stock has a market capitalization of $7.79 billion, a price-to-earnings ratio of -180.90 and a beta of 0.74. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The company has a 50 day moving average price of $55.43 and a 200 day moving average price of $48.70.

Smartsheet (NYSE:SMAR) last announced 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 company had revenue of $276.41 million during 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 company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.23) EPS. On average, sell-side analysts expect that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has approved 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 purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at Smartsheet

In other news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction on Thursday, September 19th. The stock was 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 owns 588,762 shares in the company, valued at $30,486,096.36. This represents a 3.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jolene Lau Marshall sold 3,205 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the sale, the insider now directly owns 18,695 shares of the company’s stock, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,194 shares of company stock worth $2,248,098 in the last quarter. 4.52% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Barclays lifted their price target on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Citigroup reissued a “neutral” rating and issued a $56.50 price objective (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. BMO Capital Markets reaffirmed a “market perform” rating and set a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, UBS Group reiterated a “neutral” rating and set a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $55.82.

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.