Smartsheet Inc (NYSE:SMAR) Shares Bought by Farther Finance Advisors LLC

Farther Finance Advisors LLC lifted its stake in shares of Smartsheet Inc (NYSE:SMAR) by 123.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 721 shares of the company’s stock after buying an additional 398 shares during the quarter. Farther Finance Advisors LLC’s holdings in Smartsheet were worth $40,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SMAR. Vanguard Group Inc. lifted its stake in Smartsheet by 1.7% in the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after buying an additional 225,390 shares during the last quarter. Eminence Capital LP increased its holdings in shares of Smartsheet by 9.2% in the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after acquiring an additional 358,988 shares during the period. RGM Capital LLC raised its position in Smartsheet by 7.6% in the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after purchasing an additional 156,817 shares during the last quarter. Marshall Wace LLP boosted its stake in Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after purchasing an additional 533,278 shares during the period. Finally, AQR Capital Management LLC grew its position 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 last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Performance

Shares of SMAR opened at $55.87 on Friday. The company has a market capitalization of $7.76 billion, a PE ratio of -180.23 and a beta of 0.74. The company’s 50 day moving average price is $54.72 and its 200 day moving average price is $47.66. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55.

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

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. William Blair reiterated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $56.50 price objective on shares of Smartsheet in a research report on Thursday, October 24th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. BMO Capital Markets restated a “market perform” rating and set a $56.50 price target (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, UBS Group reissued a “neutral” rating and issued a $56.50 price objective (down from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price 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 Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the transaction, the insider now directly owns 13,529 shares in the company, valued at approximately $684,432.11. This represents a 20.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the sale, the chief executive officer now owns 578,762 shares of the company’s stock, valued at approximately $32,439,610.10. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,989 shares of company stock valued at $2,068,874 over the last quarter. 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.