Y Intercept Hong Kong Ltd Cuts Position in Smartsheet Inc (NYSE:SMAR)

Y Intercept Hong Kong Ltd trimmed its position in shares of Smartsheet Inc (NYSE:SMAR) by 67.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,174 shares of the company’s stock after selling 10,570 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Smartsheet were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. US Bancorp DE grew its position in Smartsheet by 12.9% in the third quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after acquiring an additional 200 shares in the last quarter. Landscape Capital Management L.L.C. boosted its holdings in shares of Smartsheet by 0.3% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock worth $4,596,000 after purchasing an additional 225 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Smartsheet by 25.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock worth $62,000 after purchasing an additional 228 shares during the period. Principal Financial Group Inc. increased its position in shares of Smartsheet by 2.4% during the 3rd quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock valued at $639,000 after purchasing an additional 266 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in Smartsheet by 2.1% during the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock valued at $734,000 after buying an additional 277 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 2,000 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $55.99, for a total transaction of $111,980.00. Following the transaction, the insider now directly owns 19,739 shares of the company’s stock, valued at $1,105,186.61. This represents a 9.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total value of $276,750.00. Following the sale, the chief executive officer now owns 583,762 shares in the company, valued at $32,311,226.70. The trade was a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,692 shares of company stock valued at $4,762,909 over the last quarter. 4.52% of the stock is owned by corporate insiders.

Smartsheet Price Performance

NYSE:SMAR opened at $55.96 on Wednesday. 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 of $56.01 and a 200 day moving average of $50.47. The firm has a market cap of $7.83 billion, a PE ratio of -932.67, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71.

Smartsheet declared that its Board of Directors has initiated a share buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have weighed in on SMAR. Citigroup reiterated a “neutral” rating and set a $56.50 price objective (down previously from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. William Blair reiterated a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. BMO Capital Markets reissued a “market perform” rating and issued a $56.50 price objective (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Wells Fargo & Company restated an “equal weight” rating and set a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $55.82.

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.