Smartsheet Inc (NYSE:SMAR) Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC grew its stake in shares of Smartsheet Inc (NYSE:SMAR) by 294.3% in the third quarter, HoldingsChannel reports. The fund owned 28,649 shares of the company’s stock after buying an additional 21,384 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Smartsheet were worth $1,586,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Swedbank AB acquired a new position in shares of Smartsheet in the 1st quarter worth approximately $38,388,000. AQR Capital Management LLC grew its holdings in Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after acquiring an additional 881,004 shares during the period. Engaged Capital LLC bought a new stake in shares of Smartsheet in the 2nd quarter worth approximately $29,600,000. Marshall Wace LLP lifted its stake in 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 buying an additional 533,278 shares in the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Smartsheet in the 2nd quarter valued at approximately $21,254,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Stock Performance

SMAR opened at $56.25 on Monday. The firm’s fifty day moving average is $53.55 and its two-hundred day moving average is $46.71. The firm has a market cap of $7.82 billion, a PE ratio of -181.45 and a beta of 0.74. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.29 by $0.15. The business had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.23) EPS. Equities analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has initiated a share buyback 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 typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares of the company’s stock, valued at approximately $823,878. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction dated 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 $3,403,395. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares in the company, valued at approximately $823,878. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,730 shares of company stock worth $1,968,866 in the last 90 days. Corporate insiders own 4.52% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Guggenheim increased their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, 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. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $55.82.

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.