Venturi Wealth Management LLC Boosts Stock Position in Smartsheet Inc (NYSE:SMAR)

Venturi Wealth Management LLC increased its stake in Smartsheet Inc (NYSE:SMAR) by 111.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,215 shares of the company’s stock after purchasing an additional 640 shares during the quarter. Venturi Wealth Management LLC’s holdings in Smartsheet were worth $67,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of SMAR. Wolverine Asset Management LLC bought a new stake in shares of Smartsheet in the third quarter valued at $576,000. Los Angeles Capital Management LLC boosted its holdings in Smartsheet by 33.9% in the 3rd quarter. Los Angeles Capital Management LLC now owns 835,940 shares of the company’s stock valued at $46,278,000 after purchasing an additional 211,632 shares during the period. Atria Investments Inc grew its position in shares of Smartsheet by 3.1% during the 3rd quarter. Atria Investments Inc now owns 9,749 shares of the company’s stock valued at $540,000 after purchasing an additional 289 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Smartsheet in the third quarter worth $152,000. Finally, Principal Financial Group Inc. raised its position in shares of Smartsheet by 2.4% in the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock worth $639,000 after buying an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SMAR shares. Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. William Blair reissued a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. UBS Group restated a “neutral” rating and set a $56.50 price target (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $55.82.

Smartsheet Stock Performance

Smartsheet stock opened at $55.87 on Friday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The stock’s 50 day simple moving average is $54.72 and its two-hundred day simple moving average is $47.66. The stock has a market cap of $7.76 billion, a price-to-earnings ratio of -180.23 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 for the quarter, beating the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.23) earnings per share. On average, analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

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

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the sale, the chief executive officer now owns 578,762 shares in the company, valued at $32,439,610.10. This represents a 0.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction 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 owns 13,529 shares of the company’s stock, valued at $684,432.11. The trade was a 20.88 % 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 three months. 4.52% of the stock is currently owned by company insiders.

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.