Victory Capital Management Inc. Purchases 183,313 Shares of Smartsheet Inc (NYSE:SMAR)

Victory Capital Management Inc. lifted its position in shares of Smartsheet Inc (NYSE:SMAR) by 342.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 236,914 shares of the company’s stock after acquiring an additional 183,313 shares during the period. Victory Capital Management Inc. owned approximately 0.17% of Smartsheet worth $10,443,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in shares of Smartsheet in the 2nd quarter worth $25,000. Banque Cantonale Vaudoise purchased a new stake in shares of Smartsheet during the first quarter valued at $29,000. Versant Capital Management Inc bought a new stake in Smartsheet in the 2nd quarter worth about $31,000. Plato Investment Management Ltd purchased a new position in Smartsheet in the 1st quarter worth about $35,000. Finally, First Horizon Advisors Inc. raised its position in Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after buying an additional 244 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SMAR has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 price target on shares of Smartsheet in a report on Friday, September 6th. Wells Fargo & Company raised their target price on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, June 6th. Guggenheim boosted their target price on shares of Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Morgan Stanley raised their price target on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Royal Bank of Canada upped their price objective on Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a research report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Smartsheet has an average rating of “Moderate Buy” and a consensus price target of $55.06.

Insider Buying and Selling

In other Smartsheet news, CFO Pete Godbole sold 7,244 shares of Smartsheet stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $41.22, for a total value of $298,597.68. Following the sale, the chief financial officer now directly owns 30,786 shares in the company, valued at approximately $1,268,998.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Smartsheet news, CFO Pete Godbole sold 7,244 shares of Smartsheet stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $41.22, for a total value of $298,597.68. Following the sale, the chief financial officer now owns 30,786 shares of the company’s stock, valued at approximately $1,268,998.92. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 4,272 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction of $189,762.24. Following the completion of the transaction, the chief operating officer now directly owns 63,795 shares of the company’s stock, valued at $2,833,773.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,255 shares of company stock worth $936,975. 4.52% of the stock is owned by insiders.

Smartsheet Stock Up 3.3 %

Shares of Smartsheet stock opened at $52.22 on Friday. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $54.28. The stock’s 50-day simple moving average is $47.77 and its 200-day simple moving average is $42.84. The company has a market capitalization of $7.22 billion, a price-to-earnings ratio of -84.23 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS 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 company had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the previous year, the firm earned ($0.23) EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. On average, equities analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

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

Smartsheet Company 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.