Bank of Montreal Can Acquires 257,764 Shares of Smartsheet Inc (NYSE:SMAR)

Bank of Montreal Can grew its stake in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 348.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 331,728 shares of the company's stock after buying an additional 257,764 shares during the quarter. Bank of Montreal Can owned 0.24% of Smartsheet worth $18,358,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SMAR. International Assets Investment Management LLC bought a new position in Smartsheet during the second quarter valued at approximately $25,000. Versant Capital Management Inc purchased a new position in Smartsheet in the 2nd quarter worth approximately $31,000. Raleigh Capital Management Inc. bought a new stake in Smartsheet in the third quarter valued at approximately $31,000. Waldron Private Wealth LLC bought a new stake in Smartsheet during the 3rd quarter valued at $33,000. Finally, First Horizon Advisors Inc. increased its position in shares of Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company's stock valued at $39,000 after acquiring an additional 244 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SMAR has been the subject of a number of analyst reports. Truist Financial reiterated a "hold" rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Royal Bank of Canada reissued a "sector perform" rating and set a $56.50 target price on shares of Smartsheet in a research note on Thursday, October 24th. Citigroup reaffirmed a "neutral" rating and issued a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Finally, Jefferies Financial Group reissued a "hold" rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $55.82.

Smartsheet Stock Performance

Shares of Smartsheet stock traded down $0.05 during midday trading on Friday, hitting $55.95. The company had a trading volume of 1,193,036 shares, compared to its average volume of 2,940,736. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55. The stock has a market capitalization of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74. The company has a 50 day moving average of $55.80 and a 200 day moving average of $49.13.

Smartsheet (NYSE:SMAR - Get Free Report) last released its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts' consensus estimates 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 quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.23) earnings per share. Equities research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its Board of Directors has approved a stock buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Smartsheet

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 shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the sale, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. This trade represents a 3.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the sale, the insider now directly owns 13,529 shares of the company's stock, valued at approximately $684,432.11. This trade represents a 20.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,194 shares of company stock worth $2,248,098. Corporate insiders own 4.52% of the company's stock.

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.