HighTower Advisors LLC Cuts Stock Holdings in Smartsheet Inc (NYSE:SMAR)

HighTower Advisors LLC trimmed its position in shares of Smartsheet Inc (NYSE:SMAR) by 4.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 49,256 shares of the company’s stock after selling 2,119 shares during the quarter. HighTower Advisors LLC’s holdings in Smartsheet were worth $2,727,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Eminence Capital LP raised its stake in shares of Smartsheet by 9.2% during the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after acquiring an additional 358,988 shares during the last quarter. RGM Capital LLC raised its stake in shares of Smartsheet by 7.6% during the second quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after acquiring an additional 156,817 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after acquiring an additional 533,278 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after acquiring an additional 881,004 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Smartsheet by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,278,665 shares of the company’s stock valued at $70,787,000 after acquiring an additional 20,643 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Smartsheet Trading Down 0.1 %

SMAR stock opened at $55.99 on Friday. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The stock has a market cap of $7.78 billion, a PE ratio of -933.33 and a beta of 0.71. The company has a 50-day moving average price of $55.97 and a 200 day moving average price of $49.89.

Smartsheet declared that its Board of Directors has initiated a share buyback plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were 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 owns 64,215 shares in the company, valued at $3,403,395. The trade was a 2.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was 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 owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. This trade represents a 3.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,623 shares of company stock worth $2,067,441. 4.52% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SMAR has been the subject of a number of research reports. DA Davidson reissued a “neutral” rating and issued a $56.50 price target (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Jefferies Financial Group reiterated a “hold” rating and set a $56.50 price target (down previously 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. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. 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 stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target 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.