State of New Jersey Common Pension Fund D Has $2.09 Million Stake in Smartsheet Inc (NYSE:SMAR)

State of New Jersey Common Pension Fund D lessened its stake in Smartsheet Inc (NYSE:SMAR) by 37.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,385 shares of the company’s stock after selling 28,042 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Smartsheet were worth $2,089,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Panagora Asset Management Inc. acquired a new stake in shares of Smartsheet during the fourth quarter worth about $253,000. Norges Bank acquired a new position in Smartsheet during the fourth quarter valued at approximately $68,879,000. PNC Financial Services Group Inc. grew its stake in shares of Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after buying an additional 402 shares in the last quarter. UBS Group AG grew its position in shares of Smartsheet by 59.9% in the 4th quarter. UBS Group AG now owns 181,234 shares of the company’s stock valued at $8,667,000 after acquiring an additional 67,878 shares during the period. Finally, Quest Partners LLC bought a new position in Smartsheet during the fourth quarter worth about $462,000. 90.01% of the stock is owned by institutional investors.

Insider Activity at Smartsheet

In related news, COO Stephen Robert Branstetter sold 4,272 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the transaction, the chief operating officer now owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, COO Stephen Robert Branstetter sold 4,272 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the sale, the chief operating officer now owns 63,795 shares in the company, valued at approximately $2,833,773.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,429 shares of company stock valued at $1,952,525. 4.52% of the stock is owned by company insiders.

Smartsheet Stock Up 1.3 %

SMAR stock opened at $51.45 on Friday. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $54.50. The company’s fifty day simple moving average is $48.61 and its 200 day simple moving average is $43.15. The firm has a market cap of $7.15 billion, a price-to-earnings ratio of -82.98 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its earnings results 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. 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 for the quarter, compared to analyst estimates of $274.23 million. During the same period in the prior year, the firm earned ($0.23) earnings per share. Smartsheet’s revenue was up 17.3% on a year-over-year basis. Research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

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

Analyst Ratings Changes

SMAR has been the topic of several research reports. UBS Group upped their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Truist Financial lifted their price objective on Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. Barclays upped their price target on shares of Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. Finally, Canaccord Genuity Group boosted their target price on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. One 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.06.

About Smartsheet

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.