Smartsheet Inc (NYSE:SMAR) Shares Acquired by Bank of Montreal Can

Bank of Montreal Can lifted its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 348.5% during the third quarter, HoldingsChannel.com reports. The fund owned 331,728 shares of the company’s stock after purchasing an additional 257,764 shares during the quarter. Bank of Montreal Can’s holdings in Smartsheet were worth $18,358,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. AQR Capital Management LLC boosted its stake in Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after purchasing an additional 881,004 shares during the period. Citigroup Inc. raised its holdings in shares of Smartsheet by 2,767.1% in the third quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock valued at $45,589,000 after buying an additional 794,779 shares during the last quarter. Engaged Capital LLC acquired a new stake in shares of Smartsheet during the second quarter worth about $29,600,000. Marshall Wace LLP grew its holdings 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 worth $80,931,000 after buying an additional 533,278 shares during the last quarter. Finally, Alpine Associates Management Inc. acquired a new position in Smartsheet in the 3rd quarter valued at about $28,029,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were 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 of the company’s stock, valued at approximately $30,486,096.36. The trade was a 3.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the sale, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,194 shares of company stock worth $2,248,098 in the last ninety days. Insiders own 4.52% of the company’s stock.

Smartsheet Stock Performance

Smartsheet stock opened at $55.95 on Friday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The firm has a market capitalization of $7.77 billion, a price-to-earnings ratio of -180.48 and a beta of 0.74. The stock’s fifty day moving average is $55.80 and its two-hundred day moving average is $49.07.

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

Smartsheet declared that its Board of Directors has authorized a share repurchase program on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SMAR shares. BMO Capital Markets reaffirmed a “market perform” rating and set a $56.50 price objective (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Canaccord Genuity Group reissued a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Morgan Stanley raised their target price on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Wolfe Research reaffirmed a “peer perform” rating 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 given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $55.82.

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.