Farther Finance Advisors LLC Purchases 398 Shares of Smartsheet Inc (NYSE:SMAR)

Farther Finance Advisors LLC raised its position in Smartsheet Inc (NYSE:SMAR) by 123.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 721 shares of the company’s stock after buying an additional 398 shares during the quarter. Farther Finance Advisors LLC’s holdings in Smartsheet were worth $40,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Sei Investments Co. raised its stake in Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after acquiring an additional 24,823 shares during the period. CWM LLC boosted its stake in Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after buying an additional 13,621 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after purchasing an additional 225,390 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Smartsheet by 169.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock worth $4,605,000 after purchasing an additional 65,670 shares in the last quarter. Finally, Bailard Inc. bought a new position in Smartsheet in the 2nd quarter valued at approximately $3,435,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SMAR shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $56.50 price target on shares of Smartsheet in a report on Thursday, October 24th. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Barclays lifted their price target on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research 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 given a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet has a consensus rating of “Hold” and an average price target of $55.82.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the sale, the insider now owns 13,529 shares of the company’s stock, valued at $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $56.05, for a total transaction of $280,250.00. Following the transaction, the chief executive officer now owns 578,762 shares in the company, valued at $32,439,610.10. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,989 shares of company stock worth $2,068,874 over the last ninety days. 4.52% of the stock is owned by corporate insiders.

Smartsheet Price Performance

Shares of SMAR opened at $55.87 on Friday. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The stock’s fifty day moving average price is $54.72 and its two-hundred day moving average price is $47.66. The firm has a market cap of $7.76 billion, a PE ratio of -180.23 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to analyst estimates 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 for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.23) EPS. Sell-side analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its board has approved a stock buyback plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

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.