MML Investors Services LLC Makes New Investment in Smartsheet Inc (NYSE:SMAR)

MML Investors Services LLC purchased a new position in Smartsheet Inc (NYSE:SMAR) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,007 shares of the company’s stock, valued at approximately $333,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Zacks Investment Management acquired a new stake in Smartsheet during the 3rd quarter valued at approximately $4,551,000. Verition Fund Management LLC raised its holdings in shares of Smartsheet by 1,149.0% during the third quarter. Verition Fund Management LLC now owns 322,103 shares of the company’s stock worth $17,832,000 after purchasing an additional 296,314 shares during the last quarter. Maven Securities LTD acquired a new position in Smartsheet during the third quarter valued at $3,875,000. Bank of Montreal Can acquired a new stake in Smartsheet during the 2nd quarter worth about $3,274,000. Finally, New Millennium Group LLC acquired a new stake in Smartsheet during the 3rd quarter worth about $1,770,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Smartsheet Stock Performance

NYSE SMAR opened at $56.00 on Wednesday. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55. The business has a fifty day moving average price of $56.03 and a 200 day moving average price of $50.94. The company has a market cap of $7.84 billion, a P/E ratio of -933.33, a P/E/G ratio of 82.24 and a beta of 0.71.

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

Insider Activity

In other news, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total transaction of $276,750.00. Following the transaction, the chief executive officer now directly owns 583,762 shares in the company, valued at $32,311,226.70. The trade was a 0.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jolene Lau Marshall sold 2,000 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $55.99, for a total value of $111,980.00. Following the completion of the sale, the insider now directly owns 19,739 shares of the company’s stock, valued at approximately $1,105,186.61. This represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,692 shares of company stock worth $3,727,309 over the last three months. Insiders own 4.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SMAR. Jefferies Financial Group reissued a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Truist Financial restated a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, Canaccord Genuity Group restated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.82.

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.