Smartsheet Inc (NYSE:SMAR) Stake Boosted by Cerity Partners LLC

Cerity Partners LLC grew its stake in Smartsheet Inc (NYSE:SMAR - Free Report) by 80.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 59,534 shares of the company's stock after buying an additional 26,509 shares during the quarter. Cerity Partners LLC's holdings in Smartsheet were worth $3,296,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet during the second quarter worth approximately $25,000. Versant Capital Management Inc purchased a new position in Smartsheet in the second quarter worth $31,000. Raleigh Capital Management Inc. acquired a new stake in Smartsheet in the third quarter valued at $31,000. Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet during the 3rd quarter worth $33,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Smartsheet by 37.5% during the 2nd 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 period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Trading Down 0.1 %

SMAR traded down $0.05 during midday trading on Friday, hitting $55.95. The company's stock 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 firm has a 50-day moving average price of $55.80 and a two-hundred day moving average price of $49.13. The firm has a market cap of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74.

Smartsheet (NYSE:SMAR - Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 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 firm had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same quarter in the prior year, the business posted ($0.23) earnings per share. Smartsheet's revenue for the quarter was up 17.3% compared to the same quarter last year. On average, equities analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its board has approved a stock buyback plan on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,205 shares of the company's stock in a transaction on Friday, November 15th. The shares were sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the sale, the insider now directly owns 18,695 shares of the company's stock, valued at approximately $1,045,424.40. This represents a 14.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the sale, the chief operating officer now owns 64,215 shares of the company's stock, valued at approximately $3,403,395. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,194 shares of company stock valued at $2,248,098. Company insiders own 4.52% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on SMAR shares. Needham & Company LLC reiterated a "hold" rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Tuesday, September 24th. Canaccord Genuity Group cut Smartsheet from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 25th. Jefferies Financial Group reaffirmed a "hold" rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Morgan Stanley boosted their target price on Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. Finally, Barclays raised their price target on Smartsheet from $50.00 to $56.50 and gave the company an "equal weight" rating in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company. 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.