B. Metzler seel. Sohn & Co. Holding AG Acquires New Position in Smartsheet Inc (NYSE:SMAR)

B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Smartsheet Inc (NYSE:SMAR) in the third quarter, HoldingsChannel.com reports. The fund purchased 42,617 shares of the company’s stock, valued at approximately $2,359,000.

Several other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC purchased a new position in Smartsheet during the second quarter worth $25,000. Versant Capital Management Inc purchased a new stake in Smartsheet during the 2nd quarter worth about $31,000. Raleigh Capital Management Inc. acquired a new position in Smartsheet in the 3rd quarter valued at about $31,000. Waldron Private Wealth LLC purchased a new position in Smartsheet in the 3rd quarter valued at about $33,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Smartsheet during the 1st quarter worth about $35,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on SMAR. DA Davidson reaffirmed a “neutral” rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Canaccord Genuity Group lowered 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 report on Wednesday, September 25th. Finally, Citigroup reaffirmed a “neutral” rating and set a $56.50 price target (down from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $55.82.

Insiders Place Their Bets

In related news, insider Jolene Lau Marshall sold 3,205 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the sale, the insider now owns 18,695 shares in the company, valued at $1,045,424.40. This represents a 14.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the completion of the sale, the chief executive officer now owns 578,762 shares of the company’s stock, valued at $32,439,610.10. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,194 shares of company stock valued at $2,248,098. Company insiders own 4.52% of the company’s stock.

Smartsheet Trading Down 0.1 %

NYSE:SMAR opened at $55.90 on Friday. The stock has a market capitalization of $7.77 billion, a P/E ratio of -180.30 and a beta of 0.74. The firm has a 50 day moving average of $55.29 and a 200-day moving average of $48.33. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55.

Smartsheet (NYSE:SMAR) last issued 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 during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the business posted ($0.23) earnings per share. As a group, analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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.