Brighton Jones LLC Has $570,000 Position in Smartsheet Inc (NYSE:SMAR)

Brighton Jones LLC trimmed its position in Smartsheet Inc (NYSE:SMAR) by 28.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 10,299 shares of the company’s stock after selling 4,009 shares during the period. Brighton Jones LLC’s holdings in Smartsheet were worth $570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new position in shares of Smartsheet during the second quarter worth approximately $25,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet in the second quarter valued at approximately $31,000. Raleigh Capital Management Inc. acquired a new stake in Smartsheet during the third quarter worth approximately $31,000. Waldron Private Wealth LLC bought a new position in Smartsheet during the 3rd quarter worth $33,000. Finally, Plato Investment Management Ltd acquired a new position in Smartsheet in the 1st quarter valued at $35,000. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SMAR. William Blair reissued a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Truist Financial restated a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Guggenheim upped their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Morgan Stanley boosted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $56.50 target price (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $55.82.

Smartsheet Price Performance

Smartsheet stock opened at $56.51 on Friday. The business has a 50 day moving average of $52.88 and a 200-day moving average of $45.95. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.54. The company has a market capitalization of $7.82 billion, a P/E ratio of -91.15 and a beta of 0.75.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results 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. The firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.23) EPS. Equities analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its board has approved a stock repurchase program on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares of the company’s stock, valued at approximately $823,878. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 transaction of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the transaction, the insider now directly owns 17,100 shares of the company’s stock, valued at approximately $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,730 shares of company stock valued at $1,968,866 in the last three months. 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.