Smartsheet Inc (NYSE:SMAR) Stock Holdings Reduced by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd reduced its position in Smartsheet Inc (NYSE:SMAR) by 88.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,028 shares of the company’s stock after selling 36,801 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Smartsheet were worth $278,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SMAR. International Assets Investment Management LLC acquired a new position in Smartsheet in the second quarter worth approximately $25,000. Versant Capital Management Inc bought a new stake in Smartsheet in the second quarter worth approximately $31,000. Raleigh Capital Management Inc. bought a new stake in Smartsheet in the third quarter worth approximately $31,000. Waldron Private Wealth LLC acquired a new position in shares of Smartsheet during the 3rd quarter worth $33,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SMAR has been the topic of several analyst reports. UBS Group reissued a “neutral” rating and set a $56.50 target price (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Citigroup reiterated a “neutral” rating and set a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a report on Friday, September 27th. Finally, Morgan Stanley lifted their price target on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet presently has an average rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Down 0.1 %

Shares of SMAR opened at $55.95 on Monday. The stock’s 50-day moving average price is $55.80 and its 200 day moving average price is $49.13. The firm has a market capitalization of $7.77 billion, a price-to-earnings ratio of -180.48 and a beta of 0.74. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55.

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

Smartsheet announced that its Board of Directors has authorized a stock buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This trade represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,205 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the sale, the insider now directly owns 18,695 shares in the company, valued at approximately $1,045,424.40. The trade was a 14.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,194 shares of company stock valued at $2,248,098 over the last quarter. 4.52% of the stock is owned by company insiders.

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.