Glenmede Trust Co. NA Has $29.43 Million Position in Smartsheet Inc (NYSE:SMAR)

Glenmede Trust Co. NA raised its holdings in Smartsheet Inc (NYSE:SMAR) by 464.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 531,557 shares of the company’s stock after buying an additional 437,371 shares during the quarter. Glenmede Trust Co. NA owned 0.38% of Smartsheet worth $29,427,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SMAR. Swedbank AB bought a new position in Smartsheet during the first quarter worth about $38,388,000. AQR Capital Management LLC raised its stake in Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after acquiring an additional 881,004 shares in the last quarter. Citigroup Inc. lifted its holdings in shares of Smartsheet by 2,767.1% during the third quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock valued at $45,589,000 after acquiring an additional 794,779 shares during the period. Engaged Capital LLC acquired a new stake in shares of Smartsheet in the 2nd quarter valued at $29,600,000. Finally, Marshall Wace LLP increased its position in shares of Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after purchasing an additional 533,278 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Ratings Changes

SMAR has been the topic of several recent analyst reports. Truist Financial reissued a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Guggenheim lowered Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Jefferies Financial Group restated a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $56.50 price target on shares of Smartsheet in a report on Thursday, October 24th. Finally, Canaccord Genuity Group lowered shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. One investment 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’s stock. Based on data from MarketBeat.com, Smartsheet currently has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Performance

Shares of NYSE SMAR opened at $56.00 on Thursday. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55. The firm has a 50 day moving average price of $55.60 and a 200 day moving average price of $48.86. The stock has a market cap of $7.78 billion, a P/E ratio of -180.65 and a beta of 0.74.

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

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

Insider Buying and Selling

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. The trade was a 2.80 % 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 hyperlink. Also, insider Jolene Lau Marshall sold 3,205 shares of the stock in a transaction dated Friday, November 15th. The shares were 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 in the company, valued at $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,194 shares of company stock worth $2,248,098. Corporate insiders own 4.52% of the company’s stock.

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.