Public Employees Retirement System of Ohio Boosts Stock Position in Smartsheet Inc (NYSE:SMAR)

Public Employees Retirement System of Ohio increased its holdings in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 71.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,060 shares of the company's stock after acquiring an additional 34,723 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.06% of Smartsheet worth $4,598,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SMAR. AQR Capital Management LLC raised its position in Smartsheet by 188.0% in the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company's stock valued at $58,844,000 after purchasing an additional 881,004 shares during the period. Citigroup Inc. lifted its position in Smartsheet by 2,767.1% in the third quarter. Citigroup Inc. now owns 823,501 shares of the company's stock valued at $45,589,000 after buying an additional 794,779 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new position in Smartsheet during the third quarter worth about $39,029,000. Engaged Capital LLC purchased a new stake in shares of Smartsheet in the 2nd quarter valued at approximately $29,600,000. Finally, Marshall Wace LLP lifted its holdings in shares of Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company's stock worth $80,931,000 after acquiring an additional 533,278 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Citigroup restated a "neutral" rating and set a $56.50 price target (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Wolfe Research reaffirmed a "peer perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. William Blair reissued a "market perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. Morgan Stanley lifted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Smartsheet in a research report on Friday, December 6th. One investment 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 a consensus price target of $55.82.

Smartsheet Stock Up 0.1 %

Smartsheet stock traded up $0.03 during mid-day trading on Friday, hitting $56.02. The company had a trading volume of 2,472,569 shares, compared to its average volume of 2,242,368. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The business has a fifty day moving average of $55.99 and a 200 day moving average of $50.20. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of -933.67, a PEG ratio of 82.24 and a beta of 0.71.

Smartsheet announced that its Board of Directors has authorized a share buyback program on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total value of $197,726.27. Following the completion of the sale, the insider now owns 9,958 shares in the company, valued at approximately $551,374.46. The trade was a 26.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the sale, the chief executive officer now directly owns 588,762 shares of the company's stock, valued at $30,486,096.36. The trade was a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,623 shares of company stock worth $2,067,441. Corporate insiders own 4.52% of the company's stock.

About Smartsheet

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.