Congress Asset Management Co. Acquires Shares of 66,230 Smartsheet Inc (NYSE:SMAR)

Congress Asset Management Co. bought a new position in shares of Smartsheet Inc (NYSE:SMAR - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 66,230 shares of the company's stock, valued at approximately $3,666,000.

Several other hedge funds and other institutional investors have also bought and sold shares of SMAR. Sei Investments Co. boosted its stake in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company's stock worth $5,671,000 after acquiring an additional 24,823 shares in the last quarter. CWM LLC raised its stake in Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company's stock worth $876,000 after buying an additional 13,621 shares during the period. Capstone Investment Advisors LLC acquired a new position in Smartsheet during the 1st quarter worth approximately $1,512,000. Vanguard Group Inc. boosted its holdings in Smartsheet by 1.7% in the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company's stock worth $531,655,000 after acquiring an additional 225,390 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Smartsheet by 169.3% during the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company's stock valued at $4,605,000 after acquiring an additional 65,670 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SMAR. Morgan Stanley increased their target price on Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Wells Fargo & Company reiterated an "equal weight" rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Needham & Company LLC reaffirmed a "hold" rating and issued a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. Wolfe Research reissued a "peer perform" rating on shares of Smartsheet in a report on Wednesday, September 25th. Finally, UBS Group reissued a "neutral" rating and issued a $56.50 price objective (down from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $55.82.

Smartsheet Trading Down 0.3 %

Shares of SMAR stock traded down $0.17 on Friday, hitting $56.25. 4,133,065 shares of the stock were exchanged, compared to its average volume of 2,775,288. The firm's 50 day moving average is $53.55 and its two-hundred day moving average is $46.65. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55. The firm has a market capitalization of $7.82 billion, a PE ratio of -181.45 and a beta of 0.74.

Smartsheet (NYSE:SMAR - Get Free Report) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates 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 last year, the business earned ($0.23) earnings per share. The company's quarterly revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has approved 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 purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the business's 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 completion of the transaction, the chief operating officer now owns 64,215 shares of the company's stock, valued at approximately $3,403,395. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Stephen Robert Branstetter sold 1,847 shares of the firm's stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 64,215 shares of the company's stock, valued at $3,403,395. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total transaction of $276,750.00. Following the completion of the transaction, the chief executive officer now directly owns 583,762 shares in the company, valued at $32,311,226.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,730 shares of company stock valued at $1,968,866. Corporate insiders own 4.52% of the company's stock.

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.