Delap Wealth Advisory LLC Makes New Investment in Smartsheet Inc (NYSE:SMAR)

Delap Wealth Advisory LLC bought a new position in shares of Smartsheet Inc (NYSE:SMAR) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 12,041 shares of the company’s stock, valued at approximately $531,000.

Other institutional investors also recently made changes to their positions in the company. Panagora Asset Management Inc. purchased a new stake in shares of Smartsheet during the 4th quarter worth approximately $253,000. Norges Bank acquired a new stake in Smartsheet in the fourth quarter valued at $68,879,000. PNC Financial Services Group Inc. grew its holdings in Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after purchasing an additional 402 shares during the last quarter. UBS Group AG increased its position in shares of Smartsheet by 59.9% in the fourth quarter. UBS Group AG now owns 181,234 shares of the company’s stock valued at $8,667,000 after buying an additional 67,878 shares in the last quarter. Finally, Advisory Services Network LLC raised its stake in shares of Smartsheet by 21.5% during the 4th quarter. Advisory Services Network LLC now owns 6,682 shares of the company’s stock worth $320,000 after buying an additional 1,184 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Price Performance

NYSE SMAR opened at $51.44 on Friday. The company has a market cap of $7.15 billion, a P/E ratio of -82.97 and a beta of 0.74. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $54.50. The company has a 50-day moving average of $48.61 and a 200-day moving average of $43.17.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.23) earnings per share. As a group, equities research analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current year.

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

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the sale, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The disclosure for this sale can be found here. Insiders have sold a total of 39,429 shares of company stock worth $1,952,525 in the last three months. 4.52% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

SMAR has been the topic of a number of research reports. Barclays increased their price objective on shares of Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. Wells Fargo & Company raised their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, June 6th. Guggenheim upped their target price on Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Morgan Stanley increased their target price on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, Canaccord Genuity Group boosted their price target on Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Smartsheet currently has an average rating of “Moderate Buy” and a consensus price target of $55.06.

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.