Los Angeles Capital Management LLC Increases Stake in Smartsheet Inc (NYSE:SMAR)

Los Angeles Capital Management LLC boosted its holdings in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 33.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 835,940 shares of the company's stock after purchasing an additional 211,632 shares during the period. Los Angeles Capital Management LLC owned about 0.60% of Smartsheet worth $46,278,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of SMAR. US Bancorp DE lifted its stake in shares of Smartsheet by 12.9% in the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company's stock valued at $97,000 after acquiring an additional 200 shares during the last quarter. First Horizon Advisors Inc. raised its position in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company's stock valued at $39,000 after purchasing an additional 244 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Smartsheet by 2.4% during the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company's stock valued at $639,000 after purchasing an additional 266 shares in the last quarter. Atria Investments Inc increased its stake in shares of Smartsheet by 3.1% in the third quarter. Atria Investments Inc now owns 9,749 shares of the company's stock valued at $540,000 after buying an additional 289 shares during the period. Finally, Amalgamated Bank increased its stake in shares of Smartsheet by 3.5% in the second quarter. Amalgamated Bank now owns 8,678 shares of the company's stock valued at $383,000 after buying an additional 294 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the transaction, the insider now owns 17,100 shares of the company's stock, valued at $823,878. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares of the company's stock, valued at approximately $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the firm's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,730 shares of company stock worth $2,249,116. Corporate insiders own 4.52% of the company's stock.

Smartsheet Stock Up 0.1 %

NYSE SMAR traded up $0.06 during trading hours on Friday, reaching $56.02. 1,215,355 shares of the company were exchanged, compared to its average volume of 3,207,541. The stock has a market capitalization of $7.78 billion, a P/E ratio of -180.71 and a beta of 0.74. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The business's 50 day simple moving average is $54.24 and its 200-day simple moving average is $47.29.

Smartsheet (NYSE:SMAR - Get Free Report) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.29 by $0.15. The business had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. Smartsheet's revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.23) earnings per share. As a group, sell-side analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several research analysts have commented on SMAR shares. Canaccord Genuity Group downgraded Smartsheet from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 25th. Wells Fargo & Company reissued an "equal weight" rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Tuesday, September 24th. Wolfe Research reiterated a "peer perform" rating on shares of Smartsheet in a report on Wednesday, September 25th. DA Davidson restated a "neutral" rating and set a $56.50 price target (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $55.82.

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.