Charles Schwab Investment Management Inc. Boosts Holdings in Smartsheet Inc (NYSE:SMAR)

Charles Schwab Investment Management Inc. raised its position in shares of Smartsheet Inc (NYSE:SMAR) by 1.6% during the third quarter, HoldingsChannel reports. The fund owned 1,278,665 shares of the company’s stock after acquiring an additional 20,643 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Smartsheet were worth $70,787,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SMAR. Advisors Asset Management Inc. raised its position in Smartsheet by 24.6% in the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after purchasing an additional 360 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Smartsheet by 0.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 985,915 shares of the company’s stock worth $37,959,000 after buying an additional 8,815 shares during the period. Plato Investment Management Ltd purchased a new stake in shares of Smartsheet in the first quarter worth approximately $35,000. Cetera Advisors LLC bought a new stake in shares of Smartsheet during the 1st quarter worth approximately $219,000. Finally, Versant Capital Management Inc purchased a new position in Smartsheet during the 2nd quarter valued at $31,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SMAR shares. William Blair reiterated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. BMO Capital Markets reiterated a “market perform” rating and set a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Truist Financial reaffirmed a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Guggenheim cut Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Smartsheet currently has a consensus rating of “Hold” and a consensus target price of $55.82.

Insiders Place Their Bets

In related news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. This trade represents a 3.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the sale, the insider now owns 13,529 shares in the company, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is currently owned by corporate insiders.

Smartsheet Stock Up 0.1 %

Shares of SMAR opened at $56.00 on Friday. The company has a 50 day moving average of $55.71 and a two-hundred day moving average of $48.91. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The company has a market cap of $7.78 billion, a price-to-earnings ratio of -180.65 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter last year, the firm earned ($0.23) EPS. The business’s quarterly revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its board has approved a share buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to buy up to 2.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.