First Horizon Advisors Inc. Acquires 228 Shares of Smartsheet Inc (NYSE:SMAR)

First Horizon Advisors Inc. boosted its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 25.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,122 shares of the company’s stock after purchasing an additional 228 shares during the period. First Horizon Advisors Inc.’s holdings in Smartsheet were worth $62,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. International Assets Investment Management LLC purchased a new position in shares of Smartsheet during the second quarter valued at approximately $25,000. Versant Capital Management Inc bought a new position in Smartsheet in the 2nd quarter worth $31,000. Raleigh Capital Management Inc. purchased a new stake in shares of Smartsheet in the 3rd quarter worth about $31,000. Waldron Private Wealth LLC bought a new stake in shares of Smartsheet during the 3rd quarter valued at about $33,000. Finally, Plato Investment Management Ltd purchased a new position in shares of Smartsheet during the first quarter valued at about $35,000. Institutional investors own 90.01% of the company’s stock.

Smartsheet Trading Up 0.5 %

Shares of NYSE SMAR opened at $56.15 on Monday. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55. The firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of -181.12 and a beta of 0.74. The firm has a 50 day moving average of $55.36 and a 200 day moving average of $48.57.

Smartsheet (NYSE:SMAR) last issued 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 firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.23) EPS. Sell-side analysts predict that Smartsheet Inc will post -0.05 EPS for the current year.

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

Insider Buying and Selling at Smartsheet

In related news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction 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 transaction, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The trade was a 2.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the transaction, the insider now directly owns 13,529 shares of the company’s stock, valued at $684,432.11. This represents a 20.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,194 shares of company stock valued at $2,248,098. Company insiders own 4.52% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on SMAR shares. Royal Bank of Canada restated a “sector perform” rating and issued a $56.50 price objective 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 research note on Wednesday, September 25th. Guggenheim cut Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. BMO Capital Markets reissued a “market perform” rating and set a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, 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. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Smartsheet has an average 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.