Atria Investments Inc Raises Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Atria Investments Inc increased its position in Smartsheet Inc (NYSE:SMAR) by 3.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,749 shares of the company’s stock after acquiring an additional 289 shares during the period. Atria Investments Inc’s holdings in Smartsheet were worth $540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in Smartsheet during the 2nd quarter worth about $25,000. Versant Capital Management Inc acquired a new stake in Smartsheet during the 2nd quarter worth about $31,000. Raleigh Capital Management Inc. acquired a new stake in Smartsheet during the 3rd quarter worth about $31,000. Waldron Private Wealth LLC acquired a new stake in Smartsheet during the 3rd quarter worth about $33,000. Finally, Plato Investment Management Ltd acquired a new stake in Smartsheet during the 1st quarter worth about $35,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Trading Up 0.1 %

SMAR stock opened at $55.89 on Wednesday. The business’s 50-day moving average is $54.99 and its 200 day moving average is $48.10. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55. The stock has a market cap of $7.77 billion, a price-to-earnings ratio of -179.83 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million for 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%. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.23) EPS. As a group, equities analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Morgan Stanley increased their price target on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 price target (up from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. BMO Capital Markets restated a “market perform” rating and set a $56.50 target price (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $56.50 target price on shares of Smartsheet in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Smartsheet has an average rating of “Hold” and a consensus target price of $55.82.

Insider Activity

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the transaction, the insider now owns 13,529 shares in the company, valued at $684,432.11. The trade was a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This trade represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is currently owned by company insiders.

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.