Geode Capital Management LLC Grows Position in Smartsheet Inc (NYSE:SMAR)

Geode Capital Management LLC grew its position in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,231,050 shares of the company's stock after purchasing an additional 52,293 shares during the quarter. Geode Capital Management LLC owned about 1.61% of Smartsheet worth $123,545,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vestcor Inc bought a new stake in shares of Smartsheet during the 3rd quarter valued at about $3,928,000. Barclays PLC lifted its position in shares of Smartsheet by 197.3% during the 3rd quarter. Barclays PLC now owns 537,408 shares of the company's stock valued at $29,749,000 after acquiring an additional 356,624 shares during the period. Public Employees Retirement System of Ohio boosted its stake in Smartsheet by 71.8% during the third quarter. Public Employees Retirement System of Ohio now owns 83,060 shares of the company's stock worth $4,598,000 after acquiring an additional 34,723 shares in the last quarter. MML Investors Services LLC acquired a new stake in Smartsheet in the third quarter worth $333,000. Finally, Anson Funds Management LP acquired a new position in shares of Smartsheet during the third quarter valued at about $554,000. Institutional investors own 90.01% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on SMAR. Needham & Company LLC restated a "hold" rating on shares of Smartsheet in a report on Friday, December 6th. Jefferies Financial Group reissued a "hold" rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 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 report on Friday, September 27th. Morgan Stanley lifted their price target on Smartsheet from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. Finally, Canaccord Genuity Group downgraded Smartsheet from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $55.82.

Smartsheet Price Performance

NYSE SMAR remained flat at $55.96 on Wednesday. The company's stock had a trading volume of 3,300,946 shares, compared to its average volume of 2,233,140. The stock's 50 day simple moving average is $56.01 and its two-hundred day simple moving average is $50.47. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The company has a market cap of $7.83 billion, a price-to-earnings ratio of -932.67, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71.

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

Insider Activity

In other Smartsheet news, insider Jolene Lau Marshall sold 2,000 shares of Smartsheet stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $55.99, for a total transaction of $111,980.00. Following the completion of the transaction, the insider now owns 19,739 shares of the company's stock, valued at $1,105,186.61. The trade was a 9.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The trade was a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,692 shares of company stock valued at $4,762,909 in the last 90 days. Insiders own 4.52% of the company's stock.

About Smartsheet

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.