National Bank of Canada FI Invests $1.38 Million in Smartsheet Inc (NYSE:SMAR)

National Bank of Canada FI acquired a new stake in Smartsheet Inc (NYSE:SMAR - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 25,000 shares of the company's stock, valued at approximately $1,384,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Cetera Advisors LLC purchased a new stake in shares of Smartsheet during the 1st quarter worth $219,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Smartsheet in the second quarter valued at approximately $320,000. Assenagon Asset Management S.A. grew its holdings in Smartsheet by 169.3% in the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company's stock worth $4,605,000 after purchasing an additional 65,670 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company's stock worth $39,000 after purchasing an additional 244 shares in the last quarter. Finally, Washington Capital Management Inc. lifted its holdings in shares of Smartsheet by 2.1% during the 2nd quarter. Washington Capital Management Inc. now owns 19,775 shares of the company's stock valued at $872,000 after purchasing an additional 400 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 588,762 shares of the company's stock, valued at $30,486,096.36. This represents a 3.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred on Monday, September 16th. The stock was 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 directly owns 64,215 shares in the company, valued at $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 three months, insiders have sold 38,623 shares of company stock valued at $2,067,441. Company insiders own 4.52% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SMAR. Royal Bank of Canada restated a "sector perform" rating and set a $56.50 target price on shares of Smartsheet in a research note on Thursday, October 24th. Truist Financial restated a "hold" rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Citigroup reaffirmed a "neutral" rating and issued a $56.50 price objective (down from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. Wells Fargo & Company reissued an "equal weight" rating and set a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note 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.com, Smartsheet presently has an average rating of "Hold" and an average price target of $55.82.

Smartsheet Price Performance

Shares of NYSE:SMAR traded up $0.03 during trading on Friday, reaching $56.02. 2,472,569 shares of the company's stock traded hands, compared to its average volume of 2,242,368. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The company has a 50-day simple moving average of $55.99 and a 200-day simple moving average of $50.13.

Smartsheet announced that its Board of Directors has initiated a stock repurchase program on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

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.