Martingale Asset Management L P Has $3.21 Million Stake in Smartsheet Inc (NYSE:SMAR)

Martingale Asset Management L P lifted its holdings in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 39.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 57,932 shares of the company's stock after acquiring an additional 16,241 shares during the quarter. Martingale Asset Management L P's holdings in Smartsheet were worth $3,207,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SMAR. US Bancorp DE raised its holdings in Smartsheet by 12.9% in the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company's stock valued at $97,000 after acquiring an additional 200 shares during the period. Landscape Capital Management L.L.C. grew its position in shares of Smartsheet by 0.3% in the third quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company's stock valued at $4,596,000 after purchasing an additional 225 shares during the last quarter. First Horizon Advisors Inc. increased its stake in shares of Smartsheet by 25.5% during the third quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company's stock worth $62,000 after purchasing an additional 228 shares during the period. Principal Financial Group Inc. lifted its holdings in Smartsheet by 2.4% during the 3rd 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. Finally, Larson Financial Group LLC boosted its stake in Smartsheet by 2.1% in the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company's stock valued at $734,000 after purchasing an additional 277 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the transaction, the insider now directly owns 18,695 shares of the company's stock, valued at $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. 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 stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, the chief operating officer now directly owns 64,215 shares of the company's stock, valued at $3,403,395. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,194 shares of company stock valued at $2,248,098 in the last ninety days. 4.52% of the stock is currently owned by insiders.

Smartsheet Stock Performance

Shares of SMAR traded down $0.05 during trading hours on Friday, reaching $55.95. The stock had a trading volume of 1,193,036 shares, compared to its average volume of 2,201,780. The stock has a market capitalization of $7.77 billion, a PE ratio of -180.48 and a beta of 0.74. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The company's 50-day moving average is $55.80 and its two-hundred day moving average is $49.02.

Smartsheet (NYSE:SMAR - Get Free Report) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the firm posted ($0.23) earnings per share. The business's revenue for the quarter was up 17.3% on a year-over-year basis. Equities analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

SMAR has been the topic of several recent research reports. BMO Capital Markets reiterated a "market perform" rating and set a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Canaccord Genuity 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 Wednesday, September 25th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Wells Fargo & Company reissued an "equal weight" rating and set a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Canaccord Genuity Group downgraded Smartsheet from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average 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.