Amalgamated Bank Sells 186 Shares of Smartsheet Inc (NYSE:SMAR)

Amalgamated Bank lowered its position in shares of Smartsheet Inc (NYSE:SMAR) by 2.1% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,492 shares of the company’s stock after selling 186 shares during the quarter. Amalgamated Bank’s holdings in Smartsheet were worth $470,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Raleigh Capital Management Inc. acquired a new stake in Smartsheet in the 3rd quarter worth about $31,000. International Assets Investment Management LLC bought a new position in shares of Smartsheet during the second quarter worth approximately $25,000. Waldron Private Wealth LLC acquired a new stake in shares of Smartsheet in the third quarter valued at approximately $33,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet in the second quarter valued at approximately $31,000. Finally, Farther Finance Advisors LLC grew its position in Smartsheet by 123.2% during the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after buying an additional 398 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This represents a 2.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the transaction, the insider now owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,989 shares of company stock valued at $2,068,874 over the last 90 days. 4.52% of the stock is owned by insiders.

Smartsheet Trading Down 0.0 %

Smartsheet stock opened at $55.85 on Friday. The stock has a 50-day moving average price of $54.92 and a two-hundred day moving average price of $47.84. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The company has a market capitalization of $7.76 billion, a PE ratio of -180.16 and a beta of 0.74.

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

Smartsheet announced that its Board of Directors has authorized a share buyback program on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SMAR. Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. BMO Capital Markets reissued a “market perform” rating and issued a $56.50 target price (down from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. Canaccord Genuity Group restated a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Needham & Company LLC reiterated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Smartsheet currently has a consensus rating of “Hold” and a consensus target price of $55.82.

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.