Bank of Montreal Can Increases Holdings in Smartsheet Inc (NYSE:SMAR)

Bank of Montreal Can boosted its stake in shares of Smartsheet Inc (NYSE:SMAR) by 348.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 331,728 shares of the company’s stock after buying an additional 257,764 shares during the period. Bank of Montreal Can owned 0.24% of Smartsheet worth $18,358,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. grew its holdings in shares of Smartsheet by 24.6% in the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock valued at $70,000 after purchasing an additional 360 shares during the period. Cetera Advisors LLC purchased a new stake in shares of Smartsheet in the 1st quarter valued at approximately $219,000. Versant Capital Management Inc acquired a new stake in shares of Smartsheet during the 2nd quarter worth approximately $31,000. Quent Capital LLC raised its position in shares of Smartsheet by 169.1% during the 2nd quarter. Quent Capital LLC now owns 915 shares of the company’s stock valued at $40,000 after buying an additional 575 shares during the period. Finally, Harbor Capital Advisors Inc. raised its position in shares of Smartsheet by 94.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company’s stock valued at $3,050,000 after buying an additional 33,640 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SMAR. Jefferies Financial Group reissued a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $56.50 price objective (down from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $55.82.

Insider Buying and Selling

In other news, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $56.05, for a total transaction of $280,250.00. Following the completion of the sale, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. The trade was a 0.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the transaction, the insider now owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,194 shares of company stock worth $2,248,098. Corporate insiders own 4.52% of the company’s stock.

Smartsheet Price Performance

SMAR stock opened at $55.95 on Friday. The business’s 50-day moving average is $55.80 and its two-hundred day moving average is $49.07. The firm has a market capitalization of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55.

Smartsheet (NYSE:SMAR) last issued 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. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter last year, the company earned ($0.23) earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. On average, analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

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