Edgestream Partners L.P. Sells 115,821 Shares of Smartsheet Inc (NYSE:SMAR)

Edgestream Partners L.P. cut its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 88.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,894 shares of the company’s stock after selling 115,821 shares during the period. Edgestream Partners L.P.’s holdings in Smartsheet were worth $657,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SMAR. Panagora Asset Management Inc. acquired a new position in shares of Smartsheet during the fourth quarter worth $253,000. Norges Bank acquired a new position in shares of Smartsheet during the fourth quarter worth $68,879,000. PNC Financial Services Group Inc. increased its holdings in shares of Smartsheet by 3.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after buying an additional 402 shares in the last quarter. UBS Group AG increased its holdings in shares of Smartsheet by 59.9% during the fourth quarter. UBS Group AG now owns 181,234 shares of the company’s stock worth $8,667,000 after buying an additional 67,878 shares in the last quarter. Finally, Advisory Services Network LLC increased its holdings in shares of Smartsheet by 21.5% during the fourth quarter. Advisory Services Network LLC now owns 6,682 shares of the company’s stock worth $320,000 after buying an additional 1,184 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated Friday, July 5th. The shares were 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 of the company’s stock, valued at approximately $714,203.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the transaction, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the transaction, the chief operating officer now directly owns 61,791 shares in the company, valued at approximately $2,965,968. The disclosure for this sale can be found here. Insiders have sold 39,429 shares of company stock valued at $1,952,525 in the last 90 days. 4.52% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and set a $57.00 price target on shares of Smartsheet in a report on Friday, September 6th. Wells Fargo & Company increased their price objective on Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, June 6th. Canaccord Genuity Group increased their price objective on Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. Royal Bank of Canada increased their price objective on Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a report on Friday, September 6th. Finally, Citigroup increased their price objective on Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $55.06.

Smartsheet Price Performance

SMAR stock opened at $51.44 on Friday. The stock has a market capitalization of $7.15 billion, a PE ratio of -82.97 and a beta of 0.74. The company’s 50-day moving average is $48.61 and its 200-day moving average is $43.17. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $54.50.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to analysts’ expectations 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 was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.23) EPS. On average, analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board 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.