Smartsheet Inc (NYSE:SMAR) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC boosted its stake in shares of Smartsheet Inc (NYSE:SMAR) by 73.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 752 shares of the company’s stock after acquiring an additional 318 shares during the quarter. GAMMA Investing LLC’s holdings in Smartsheet were worth $42,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. First Horizon Advisors Inc. increased its stake in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares in the last quarter. Amalgamated Bank increased its stake in shares of Smartsheet by 3.5% in the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after acquiring an additional 294 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Smartsheet by 24.6% in the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock valued at $70,000 after buying an additional 360 shares during the period. Washington Capital Management Inc. grew its position in Smartsheet by 2.1% in the second quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock worth $872,000 after acquiring an additional 400 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in Smartsheet by 3.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after buying an additional 402 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on SMAR shares. Guggenheim increased their target price on Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Needham & Company LLC restated a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. Truist Financial restated a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, BMO Capital Markets reaffirmed 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. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $55.82.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the completion of the sale, the insider now directly owns 9,958 shares in the company, valued at $551,374.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total value of $197,726.27. Following the transaction, the insider now owns 9,958 shares of the company’s stock, valued at approximately $551,374.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction on Thursday, September 19th. The shares were 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,730 shares of company stock worth $1,968,866. 4.52% of the stock is owned by company insiders.

Smartsheet Price Performance

NYSE:SMAR opened at $56.06 on Friday. The firm has a market cap of $7.76 billion, a PE ratio of -90.42 and a beta of 0.75. The firm has a 50 day simple moving average of $51.89 and a 200-day simple moving average of $45.21. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.09.

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

Smartsheet announced that its board has initiated a share repurchase plan on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is 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.