Allspring Global Investments Holdings LLC Has $27,000 Stock Position in Smartsheet Inc (NYSE:SMAR)

Allspring Global Investments Holdings LLC lowered its position in shares of Smartsheet Inc (NYSE:SMAR) by 93.9% in the third quarter, HoldingsChannel reports. The firm owned 482 shares of the company’s stock after selling 7,388 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Smartsheet were worth $27,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in shares of Smartsheet during the 2nd quarter worth about $25,000. Versant Capital Management Inc acquired a new stake in shares of Smartsheet during the 2nd quarter worth about $31,000. Plato Investment Management Ltd bought a new stake in Smartsheet during the 1st quarter worth about $35,000. First Horizon Advisors Inc. grew its holdings in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the last quarter. Finally, Quent Capital LLC grew its holdings in Smartsheet by 169.1% during the 2nd quarter. Quent Capital LLC now owns 915 shares of the company’s stock worth $40,000 after acquiring an additional 575 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $55.79 on Wednesday. The company has a market capitalization of $7.75 billion, a price-to-earnings ratio of -179.96 and a beta of 0.74. The firm’s 50 day simple moving average is $53.80 and its 200 day simple moving average is $46.98. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55.

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

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

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the sale, the insider now directly owns 17,100 shares in the company, valued at $823,878. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the sale, the insider now owns 17,100 shares in the company, valued at $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 have sold 37,730 shares of company stock worth $1,968,866 in the last ninety days. Company insiders own 4.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SMAR shares. Morgan Stanley increased their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. BMO Capital Markets reissued a “market perform” rating and set a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. Wells Fargo & Company reissued an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Truist Financial reissued a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, William Blair reissued a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently 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.