Victory Capital Management Inc. Reduces Stake in Smartsheet Inc (NYSE:SMAR)

Victory Capital Management Inc. lowered its holdings in Smartsheet Inc (NYSE:SMAR) by 11.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 208,824 shares of the company’s stock after selling 28,090 shares during the quarter. Victory Capital Management Inc.’s holdings in Smartsheet were worth $11,560,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SMAR. Versor Investments LP purchased a new position in shares of Smartsheet in the 3rd quarter valued at approximately $5,953,000. Venturi Wealth Management LLC raised its stake in Smartsheet by 111.3% during the third quarter. Venturi Wealth Management LLC now owns 1,215 shares of the company’s stock valued at $67,000 after buying an additional 640 shares during the last quarter. Wolverine Asset Management LLC bought a new stake in shares of Smartsheet in the 3rd quarter worth $576,000. Los Angeles Capital Management LLC lifted its holdings in shares of Smartsheet by 33.9% during the third 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 in the last quarter. Finally, Atria Investments Inc lifted its holdings in shares of Smartsheet by 3.1% during the third 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. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction on Friday, September 13th. The stock was 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 in the company, valued at approximately $684,432.11. This trade represents a 20.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction 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 completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. This represents a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,194 shares of company stock worth $2,248,098 in the last ninety days. 4.52% of the stock is owned by company insiders.

Smartsheet Price Performance

NYSE:SMAR opened at $55.93 on Thursday. The firm has a market capitalization of $7.77 billion, a price-to-earnings ratio of -180.41 and a beta of 0.74. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The business has a 50 day simple moving average of $55.08 and a 200-day simple moving average of $48.22.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.23) earnings per share. As a group, analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SMAR. BMO Capital Markets reaffirmed a “market perform” rating and set a $56.50 price target (down from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $56.50 price target on shares of Smartsheet in a report on Thursday, October 24th. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a 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 given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $55.82.

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.