State Street Corp Has $138.01 Million Holdings in Smartsheet Inc (NYSE:SMAR)

State Street Corp grew its holdings in Smartsheet Inc (NYSE:SMAR - Free Report) by 6.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,492,949 shares of the company's stock after buying an additional 146,353 shares during the quarter. State Street Corp owned about 1.79% of Smartsheet worth $138,010,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of SMAR. International Assets Investment Management LLC purchased a new position in Smartsheet in the 2nd quarter valued at approximately $25,000. Brooklyn Investment Group acquired a new position in shares of Smartsheet during the 3rd quarter worth $28,000. Raleigh Capital Management Inc. acquired a new position in shares of Smartsheet during the 3rd quarter worth $31,000. Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet in the 3rd quarter worth about $33,000. Finally, First Horizon Advisors Inc. grew its stake in Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company's stock valued at $39,000 after acquiring an additional 244 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Stock Performance

Smartsheet stock traded up $0.03 during midday trading on Friday, hitting $56.02. 2,472,569 shares of the stock were exchanged, compared to its average volume of 2,242,368. The company has a 50 day moving average price of $55.99 and a two-hundred day moving average price of $50.13. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55.

Smartsheet declared that its board has approved a stock repurchase program on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to buy up to 2.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the transaction, the insider now owns 18,695 shares in the company, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 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 in the company, valued at approximately $3,403,395. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,623 shares of company stock worth $2,067,441. 4.52% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. DA Davidson reiterated a "neutral" rating and set a $56.50 target price (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Morgan Stanley lifted their price objective on 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 set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. BMO Capital Markets reissued a "market perform" rating and set a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, Guggenheim cut Smartsheet from a "buy" rating to a "neutral" rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target 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.