Sanctuary Advisors LLC Has $874,000 Stake in Smartsheet Inc (NYSE:SMAR)

Sanctuary Advisors LLC reduced its position in shares of Smartsheet Inc (NYSE:SMAR) by 38.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 15,572 shares of the company’s stock after selling 9,889 shares during the period. Sanctuary Advisors LLC’s holdings in Smartsheet were worth $874,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in SMAR. Brooklyn Investment Group acquired a new stake in shares of Smartsheet during the 3rd quarter valued at $28,000. Raleigh Capital Management Inc. acquired a new stake in Smartsheet during the third quarter valued at $31,000. International Assets Investment Management LLC purchased a new position in Smartsheet in the second quarter valued at about $25,000. Waldron Private Wealth LLC purchased a new position in Smartsheet in the third quarter valued at about $33,000. Finally, Farther Finance Advisors LLC increased its position in Smartsheet by 123.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after purchasing an additional 398 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Stock Performance

Shares of Smartsheet stock opened at $56.01 on Monday. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The firm has a market cap of $7.84 billion, a P/E ratio of -933.50, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71. The firm’s 50-day simple moving average is $56.03 and its 200-day simple moving average is $50.86.

Smartsheet announced that its Board of Directors has authorized a share buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in 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 an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CEO Mark Patrick Mader sold 47,916 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $55.96, for a total transaction of $2,681,379.36. Following the completion of the sale, the chief executive officer now owns 624,356 shares in the company, valued at $34,938,961.76. This trade represents a 7.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 2,000 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $55.99, for a total transaction of $111,980.00. Following the sale, the insider now directly owns 19,739 shares in the company, valued at $1,105,186.61. This represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,692 shares of company stock worth $3,727,309. Company insiders own 4.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Canaccord Genuity Group reissued a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Guggenheim lowered Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. BMO Capital Markets reiterated a “market perform” rating and set a $56.50 price target (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. DA Davidson reissued a “neutral” rating and set a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, UBS Group restated a “neutral” rating and issued a $56.50 target price (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $55.82.

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.