Swedbank AB Sells 593,117 Shares of Smartsheet Inc (NYSE:SMAR)

Swedbank AB decreased its position in Smartsheet Inc (NYSE:SMAR - Free Report) by 59.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 403,983 shares of the company's stock after selling 593,117 shares during the period. Swedbank AB owned approximately 0.29% of Smartsheet worth $22,364,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. International Assets Investment Management LLC acquired a new stake in shares of Smartsheet in the 2nd quarter worth about $25,000. Banque Cantonale Vaudoise acquired a new stake in shares of Smartsheet in the 1st quarter worth about $29,000. Versant Capital Management Inc acquired a new stake in shares of Smartsheet in the 2nd quarter worth about $31,000. Plato Investment Management Ltd acquired a new stake in shares of Smartsheet in the 1st quarter worth about $35,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company's stock worth $39,000 after acquiring an additional 244 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Smartsheet Price Performance

Shares of Smartsheet stock traded up $0.04 during trading hours on Thursday, reaching $56.06. The company had a trading volume of 1,638,020 shares, compared to its average volume of 2,093,694. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.09. The business has a fifty day simple moving average of $51.68 and a 200 day simple moving average of $45.14. The firm has a market cap of $7.76 billion, a PE ratio of -90.42 and a beta of 0.75.

Smartsheet (NYSE:SMAR - Get Free Report) last posted its quarterly 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. 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 during the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the company earned ($0.23) earnings per share. The business's revenue for the quarter was up 17.3% on a year-over-year basis. On average, research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current year.

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

Insider Transactions at Smartsheet

In other news, CEO Mark Patrick Mader sold 5,000 shares of the firm's stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total value of $276,750.00. Following the completion of the transaction, the chief executive officer now directly owns 583,762 shares of the company's stock, valued at $32,311,226.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the completion of the sale, the insider now owns 9,958 shares of the company's stock, valued at approximately $551,374.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $55.35, for a total value of $276,750.00. Following the sale, the chief executive officer now directly owns 583,762 shares of the company's stock, valued at $32,311,226.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,730 shares of company stock valued at $1,968,866 over the last three months. Company insiders own 4.52% of the company's stock.

Wall Street Analysts Forecast Growth

SMAR has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. UBS Group reaffirmed a "neutral" rating and issued a $56.50 price objective (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Wolfe Research reaffirmed a "peer perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, William Blair reaffirmed a "market perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price 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.