State Street Corp Boosts Position in Smartsheet Inc (NYSE:SMAR)

State Street Corp raised its stake in Smartsheet Inc (NYSE:SMAR) by 6.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,492,949 shares of the company’s stock after acquiring an additional 146,353 shares during the period. State Street Corp’s holdings in Smartsheet were worth $138,010,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. US Bancorp DE grew its position in shares of Smartsheet by 12.9% in the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company’s stock valued at $97,000 after buying an additional 200 shares during the last quarter. Landscape Capital Management L.L.C. boosted its stake in Smartsheet by 0.3% in the third quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock valued at $4,596,000 after acquiring an additional 225 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Smartsheet by 25.5% during the third quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock worth $62,000 after purchasing an additional 228 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Smartsheet by 2.4% during the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock worth $639,000 after purchasing an additional 266 shares during the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Smartsheet by 2.1% during the third quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock worth $734,000 after purchasing an additional 277 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Performance

NYSE:SMAR opened at $56.02 on Friday. The stock has a market capitalization of $7.78 billion, a price-to-earnings ratio of -933.67, a PEG ratio of 82.27 and a beta of 0.71. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The stock has a fifty day moving average price of $55.99 and a two-hundred day moving average price of $50.13.

Smartsheet announced that its board has approved a stock repurchase plan on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to purchase 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 shares are undervalued.

Insider Transactions at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,205 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following 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 legal filing with the SEC, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value 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 approximately $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 a total of 38,623 shares of company stock valued at $2,067,441 in the last ninety days. 4.52% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SMAR. Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Citigroup reiterated a “neutral” rating and issued a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. Jefferies Financial Group restated a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $57.00 target price on shares of Smartsheet in a report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $55.82.

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.