Janus Henderson Group PLC Increases Stake in Smartsheet Inc (NYSE:SMAR)

Janus Henderson Group PLC boosted its holdings in Smartsheet Inc (NYSE:SMAR) by 11.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 63,284 shares of the company’s stock after purchasing an additional 6,407 shares during the quarter. Janus Henderson Group PLC’s holdings in Smartsheet were worth $3,502,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet in the second quarter worth $25,000. Brooklyn Investment Group bought a new stake in shares of Smartsheet in the 3rd quarter worth about $28,000. Raleigh Capital Management Inc. bought a new stake in Smartsheet during the 3rd quarter valued at about $31,000. Waldron Private Wealth LLC bought a new stake in shares of Smartsheet in the 3rd quarter valued at about $33,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Smartsheet by 37.5% in 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. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Trading Up 0.1 %

NYSE SMAR opened at $56.04 on Thursday. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The company has a market capitalization of $7.79 billion, a PE ratio of -933.92 and a beta of 0.71. The firm’s fifty day simple moving average is $55.97 and its 200-day simple moving average is $49.89.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Truist Financial restated a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. BMO Capital Markets reissued 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. Morgan Stanley increased their target price 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. Finally, UBS Group reiterated a “neutral” rating and issued a $56.50 target price (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $55.82.

Insider Transactions at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. This represents a 3.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 3,205 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $55.92, for a total transaction of $179,223.60. Following the transaction, the insider now directly owns 18,695 shares in the company, valued at $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is owned by 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.