ING Groep NV Purchases 240,800 Shares of Smartsheet Inc (NYSE:SMAR)

ING Groep NV boosted its holdings in Smartsheet Inc (NYSE:SMAR - Free Report) by 224.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 348,100 shares of the company's stock after acquiring an additional 240,800 shares during the period. ING Groep NV owned about 0.25% of Smartsheet worth $19,271,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in SMAR. Sei Investments Co. increased its stake in Smartsheet by 20.3% during the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company's stock valued at $5,671,000 after buying an additional 24,823 shares during the period. CWM LLC raised its stake in shares of Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company's stock worth $876,000 after purchasing an additional 13,621 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company's stock valued at $531,655,000 after purchasing an additional 225,390 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Smartsheet by 169.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company's stock worth $4,605,000 after acquiring an additional 65,670 shares in the last quarter. Finally, Bailard Inc. acquired a new stake in shares of Smartsheet in the second quarter worth $3,435,000. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SMAR. Royal Bank of Canada restated a "sector perform" rating and set a $56.50 price objective on shares of Smartsheet in a report on Thursday, October 24th. Citigroup restated a "neutral" rating and issued a $56.50 price objective (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. Barclays upped their target price on shares of Smartsheet from $50.00 to $56.50 and gave the company an "equal weight" rating in a research note on Wednesday, September 25th. Truist Financial 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. Finally, UBS Group reissued a "neutral" rating and issued a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $55.82.

Insider Buying and Selling at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the business's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The trade was a 3.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company's 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 transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,989 shares of company stock valued at $2,068,874. 4.52% of the stock is currently owned by corporate insiders.

Smartsheet Price Performance

SMAR stock remained flat at $55.86 during mid-day trading on Friday. 2,293,564 shares of the company's stock traded hands, compared to its average volume of 2,206,754. The business has a fifty day simple moving average of $54.85 and a 200 day simple moving average of $47.72. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The firm has a market cap of $7.76 billion, a PE ratio of -180.22 and a beta of 0.74.

Smartsheet (NYSE:SMAR - Get Free Report) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $274.23 million. During the same period in the previous year, the firm earned ($0.23) EPS. The company's quarterly revenue was up 17.3% compared to the same quarter last year. Sell-side analysts predict 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 repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

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.