DekaBank Deutsche Girozentrale Sells 15,604 Shares of Smartsheet Inc (NYSE:SMAR)

DekaBank Deutsche Girozentrale lowered its stake in Smartsheet Inc (NYSE:SMAR - Free Report) by 85.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,644 shares of the company's stock after selling 15,604 shares during the quarter. DekaBank Deutsche Girozentrale's holdings in Smartsheet were worth $145,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SMAR. Raleigh Capital Management Inc. acquired a new stake in Smartsheet during the 3rd quarter valued at $31,000. International Assets Investment Management LLC acquired a new stake in shares of Smartsheet during the 2nd quarter worth about $25,000. Waldron Private Wealth LLC bought a new stake in shares of Smartsheet during the 3rd quarter worth about $33,000. Versant Capital Management Inc acquired a new position in Smartsheet in the 2nd quarter valued at about $31,000. Finally, GAMMA Investing LLC grew its stake in Smartsheet by 73.3% in the 3rd quarter. GAMMA Investing LLC now owns 752 shares of the company's stock valued at $42,000 after buying an additional 318 shares during the last quarter. Institutional investors own 90.01% of the company's stock.

Insider Activity at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,741 shares of the company's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now owns 17,100 shares in the company, valued at approximately $823,878. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the company's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the transaction, the insider now owns 17,100 shares in the company, valued at approximately $823,878. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 transaction of $97,891.00. Following the completion of the sale, the chief operating officer now owns 64,215 shares of the company's stock, valued at $3,403,395. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,730 shares of company stock valued at $1,968,866 in the last 90 days. Corporate insiders own 4.52% of the company's stock.

Smartsheet Price Performance

Smartsheet stock traded down $0.37 during trading hours on Monday, reaching $55.88. The company had a trading volume of 7,617,589 shares, compared to its average volume of 2,161,421. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of -180.26 and a beta of 0.74. The company has a 50-day moving average price of $53.67 and a 200 day moving average price of $46.84.

Smartsheet (NYSE:SMAR - Get Free Report) last posted 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. The company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. Smartsheet's revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.23) earnings per share. As a group, research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has approved a share buyback plan on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SMAR shares. Royal Bank of Canada reissued a "sector perform" rating and set a $56.50 price target on shares of Smartsheet in a research report on Thursday, October 24th. Canaccord Genuity Group reaffirmed a "hold" rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Jefferies Financial Group reiterated a "hold" rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Wolfe Research restated a "peer perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Canaccord Genuity Group lowered shares of 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, sixteen have given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average 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.