DekaBank Deutsche Girozentrale Grows Stake in Smartsheet Inc (NYSE:SMAR)

DekaBank Deutsche Girozentrale increased its holdings in Smartsheet Inc (NYSE:SMAR) by 590.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,248 shares of the company’s stock after purchasing an additional 15,604 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Smartsheet were worth $791,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Panagora Asset Management Inc. purchased a new position in shares of Smartsheet in the fourth quarter worth $253,000. Norges Bank bought a new stake in Smartsheet in the 4th quarter valued at $68,879,000. PNC Financial Services Group Inc. lifted its stake in Smartsheet by 3.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after purchasing an additional 402 shares in the last quarter. UBS Group AG boosted its holdings in shares of Smartsheet by 59.9% during the 4th quarter. UBS Group AG now owns 181,234 shares of the company’s stock valued at $8,667,000 after purchasing an additional 67,878 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in shares of Smartsheet by 36.2% during the fourth quarter. Clearbridge Investments LLC now owns 1,030,834 shares of the company’s stock valued at $49,294,000 after purchasing an additional 274,044 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Transactions at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,429 shares of company stock valued at $916,925. 4.52% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SMAR shares. DA Davidson reiterated a “buy” rating and issued a $55.00 target price on shares of Smartsheet in a research report on Friday, September 6th. Guggenheim increased their target price on Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Barclays raised their target price on shares of Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, September 6th. Wells Fargo & Company upped their price target on shares of Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, June 6th. Finally, Royal Bank of Canada lifted their price objective on shares of Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Smartsheet currently has an average rating of “Moderate Buy” and an average price target of $55.06.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $50.83 on Friday. The business has a 50 day simple moving average of $48.45 and a two-hundred day simple moving average of $43.10. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $54.50. The firm has a market capitalization of $7.06 billion, a PE ratio of -81.98 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.29 by $0.15. The company 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%. Smartsheet’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.23) EPS. Equities research analysts expect that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has initiated a stock repurchase plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

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.