Swedbank AB Sells 593,117 Shares of Smartsheet Inc (NYSE:SMAR)

Swedbank AB trimmed its holdings in Smartsheet Inc (NYSE:SMAR) by 59.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 403,983 shares of the company’s stock after selling 593,117 shares during the quarter. Swedbank AB’s holdings in Smartsheet were worth $22,364,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. boosted its stake 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 purchasing an additional 24,823 shares during the period. CWM LLC raised its holdings in shares of Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after acquiring an additional 13,621 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in shares of Smartsheet during the 1st quarter worth approximately $1,512,000. AMI Asset Management Corp purchased a new stake in shares of Smartsheet during the 1st quarter worth approximately $3,990,000. Finally, Vanguard Group Inc. raised its holdings in shares of Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after acquiring an additional 225,390 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the transaction, the insider now owns 9,958 shares of the company’s stock, valued at approximately $551,374.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the transaction, the insider now owns 9,958 shares of the company’s stock, valued at approximately $551,374.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction on Monday, September 16th. The stock was 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,730 shares of company stock worth $1,968,866 over the last quarter. Company insiders own 4.52% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on SMAR shares. BMO Capital Markets reaffirmed a “market perform” rating and set a $56.50 price objective (down from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 price objective (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Morgan Stanley upped their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Finally, UBS Group restated a “neutral” rating and set a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Up 0.0 %

SMAR stock opened at $56.02 on Thursday. The business’s fifty day simple moving average is $51.68 and its two-hundred day simple moving average is $45.14. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.09. The firm has a market cap of $7.75 billion, a price-to-earnings ratio of -90.35 and a beta of 0.75.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $274.23 million. During the same quarter last year, the firm posted ($0.23) earnings per share. The business’s revenue was up 17.3% compared to the same quarter last year. Research analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its Board of Directors has authorized a share repurchase plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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.