Victory Capital Management Inc. Sells 28,090 Shares of Smartsheet Inc (NYSE:SMAR)

Victory Capital Management Inc. reduced its position in shares of Smartsheet Inc (NYSE:SMAR) by 11.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 208,824 shares of the company’s stock after selling 28,090 shares during the period. Victory Capital Management Inc. owned about 0.15% of Smartsheet worth $11,560,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. US Bancorp DE grew its holdings in shares of Smartsheet by 12.9% during the third quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after purchasing an additional 200 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Smartsheet by 2.4% during the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock worth $639,000 after purchasing an additional 266 shares during the last quarter. Atria Investments Inc lifted its stake in shares of Smartsheet by 3.1% in the third quarter. Atria Investments Inc now owns 9,749 shares of the company’s stock worth $540,000 after acquiring an additional 289 shares during the period. Finally, Amalgamated Bank lifted its stake in shares of Smartsheet by 3.5% in the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after acquiring an additional 294 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Stock Up 0.1 %

NYSE:SMAR opened at $55.93 on Thursday. The business’s 50-day moving average price is $55.08 and its two-hundred day moving average price is $48.22. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The stock has a market cap of $7.77 billion, a P/E ratio of -180.41 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share 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 analysts’ expectations of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The company’s revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.23) EPS. On average, equities research analysts expect that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its board has initiated a stock repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes 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 board of directors believes its shares are undervalued.

Insider Activity

In related news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. This trade represents a 3.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,194 shares of company stock worth $2,248,098. 4.52% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SMAR has been the topic of a number of recent analyst reports. Canaccord Genuity Group lowered Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Barclays lifted their price objective on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Citigroup reaffirmed a “neutral” rating and issued a $56.50 price objective (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Guggenheim lowered Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, Morgan Stanley lifted their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet presently has a consensus rating of “Hold” and a consensus target price of $55.82.

Smartsheet Company 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.