Wolverine Asset Management LLC Purchases New Holdings in Smartsheet Inc (NYSE:SMAR)

Wolverine Asset Management LLC acquired a new position in shares of Smartsheet Inc (NYSE:SMAR) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 10,400 shares of the company’s stock, valued at approximately $576,000.

A number of other institutional investors also recently made changes to their positions in the business. SG Americas Securities LLC grew its stake in Smartsheet by 250.1% in the first quarter. SG Americas Securities LLC now owns 15,630 shares of the company’s stock worth $602,000 after purchasing an additional 11,166 shares in the last quarter. Swiss National Bank increased its holdings in shares of Smartsheet by 1.1% in the 1st quarter. Swiss National Bank now owns 255,700 shares of the company’s stock valued at $9,844,000 after acquiring an additional 2,700 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after acquiring an additional 24,823 shares during the last quarter. Entropy Technologies LP acquired a new stake in shares of Smartsheet during the 1st quarter valued at approximately $990,000. Finally, State Board of Administration of Florida Retirement System lifted its stake in Smartsheet by 5.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 128,873 shares of the company’s stock worth $4,962,000 after purchasing an additional 6,260 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SMAR has been the topic of a number of research reports. Barclays increased their target price on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. UBS Group reissued a “neutral” rating and issued a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Needham & Company LLC restated a “hold” rating and issued a $57.00 target price on shares of Smartsheet in a research note on Tuesday, September 24th. BMO Capital Markets reiterated a “market perform” rating and set a $56.50 price target (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, William Blair restated a “market perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Up 0.1 %

Shares of NYSE SMAR opened at $55.85 on Thursday. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The stock has a fifty day moving average price of $54.55 and a two-hundred day moving average price of $47.60.

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

Smartsheet announced that its Board of Directors has initiated a stock repurchase plan on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the transaction, the insider now directly owns 13,529 shares of the company’s stock, valued at $684,432.11. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’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 owns 588,762 shares in the company, valued at $30,486,096.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,989 shares of company stock valued at $2,068,874 in the last quarter. Insiders own 4.52% of the company’s stock.

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.