Franklin Resources Inc. Cuts Stock Position in Smartsheet Inc (NYSE:SMAR)

Franklin Resources Inc. lessened its holdings in Smartsheet Inc (NYSE:SMAR) by 40.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,021 shares of the company’s stock after selling 36,376 shares during the period. Franklin Resources Inc.’s holdings in Smartsheet were worth $2,971,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. AQR Capital Management LLC increased its holdings in shares of Smartsheet by 188.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after buying an additional 881,004 shares during the last quarter. Citigroup Inc. increased its stake in Smartsheet by 2,767.1% during the third quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock worth $45,589,000 after acquiring an additional 794,779 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new stake in Smartsheet during the third quarter valued at approximately $39,029,000. Engaged Capital LLC bought a new stake in shares of Smartsheet in the 2nd quarter valued at approximately $29,600,000. Finally, Marshall Wace LLP boosted its holdings in shares of Smartsheet by 40.9% in 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 during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Price Performance

SMAR stock opened at $56.00 on Thursday. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The business has a 50-day moving average price of $56.03 and a 200 day moving average price of $51.02. The company has a market capitalization of $7.84 billion, a P/E ratio of -933.33, a PEG ratio of 82.24 and a beta of 0.71.

Smartsheet announced that its board has authorized a share repurchase plan on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the sale, the chief executive officer now owns 578,762 shares of the company’s stock, valued at approximately $32,439,610.10. This trade represents a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 2,000 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $55.99, for a total value of $111,980.00. Following the completion of the transaction, the insider now directly owns 19,739 shares of the company’s stock, valued at approximately $1,105,186.61. The trade was a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,692 shares of company stock valued at $3,727,309. Company insiders own 4.52% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SMAR shares. Truist Financial restated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average 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.