Rhumbline Advisers Boosts Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Rhumbline Advisers grew its holdings in Smartsheet Inc (NYSE:SMAR) by 0.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 153,911 shares of the company’s stock after purchasing an additional 265 shares during the period. Rhumbline Advisers owned approximately 0.11% of Smartsheet worth $6,784,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Sei Investments Co. lifted its position in Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after buying an additional 24,823 shares during the last quarter. Norges Bank bought a new position in shares of Smartsheet during the 4th quarter valued at $68,879,000. CWM LLC raised its position in Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after purchasing an additional 13,621 shares during the period. Capstone Investment Advisors LLC bought a new stake in Smartsheet in the first quarter worth $1,512,000. Finally, Alberta Investment Management Corp purchased a new stake in Smartsheet during the fourth quarter valued at about $1,219,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SMAR has been the topic of a number of analyst reports. BMO Capital Markets boosted their price target on Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday, September 6th. DA Davidson reissued a “buy” rating and issued a $55.00 target price on shares of Smartsheet in a research report on Friday, September 6th. Wells Fargo & Company raised their price target on shares of Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, June 6th. Truist Financial boosted their price objective on shares of Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Barclays raised their target price on shares of Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $55.06.

Smartsheet Trading Up 3.3 %

NYSE:SMAR opened at $52.25 on Friday. The business’s 50-day moving average is $47.77 and its 200 day moving average is $42.84. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $54.28. The company has a market capitalization of $7.23 billion, a P/E ratio of -84.27 and a beta of 0.74.

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

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

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the transaction, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the transaction, the chief operating officer now directly owns 61,791 shares of the company’s stock, valued at $2,965,968. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the transaction, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,255 shares of company stock valued at $936,975. Company insiders own 4.52% of the company’s stock.

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.