Smartsheet Inc (NYSE:SMAR) Shares Sold by Vontobel Holding Ltd.

Vontobel Holding Ltd. reduced its stake in shares of Smartsheet Inc (NYSE:SMAR) by 5.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,094 shares of the company’s stock after selling 800 shares during the period. Vontobel Holding Ltd.’s holdings in Smartsheet were worth $725,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SMAR. Sei Investments Co. raised its position in shares of Smartsheet by 20.3% during the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after buying an additional 24,823 shares in the last quarter. CWM LLC raised its position in shares of Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares in the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Smartsheet during the 1st quarter worth about $1,512,000. AMI Asset Management Corp bought a new stake in shares of Smartsheet during the 1st quarter worth about $3,990,000. Finally, Vanguard Group Inc. raised its holdings in shares of Smartsheet by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SMAR has been the topic of a number of recent analyst reports. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Citigroup reiterated a “neutral” rating and set a $56.50 target price (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. UBS Group reiterated a “neutral” rating and set a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Guggenheim increased their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Canaccord Genuity Group reissued a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Performance

Shares of SMAR stock opened at $55.97 on Monday. The stock has a 50 day moving average price of $52.08 and a 200 day moving average price of $45.43. The firm has a market capitalization of $7.74 billion, a P/E ratio of -90.27 and a beta of 0.75. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.09.

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

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

Insider Activity

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. 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 accessible through this link. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the company’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 sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,730 shares of company stock worth $1,968,866 over the last ninety days. Corporate insiders own 4.52% of the company’s stock.

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.