Smartsheet Inc (NYSE:SMAR) Shares Sold by Fmr LLC

FMR LLC lowered its holdings in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 94.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,054 shares of the company's stock after selling 235,801 shares during the quarter. FMR LLC's holdings in Smartsheet were worth $723,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its position in shares of Smartsheet by 2.0% in the third quarter. The Manufacturers Life Insurance Company now owns 33,463 shares of the company's stock valued at $1,853,000 after purchasing an additional 661 shares during the period. Bank of Montreal Can boosted its holdings in Smartsheet by 348.5% in the 3rd quarter. Bank of Montreal Can now owns 331,728 shares of the company's stock worth $18,358,000 after buying an additional 257,764 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new stake in Smartsheet in the 3rd quarter worth about $48,000. Loomis Sayles & Co. L P increased its stake in Smartsheet by 14.2% during the 3rd quarter. Loomis Sayles & Co. L P now owns 11,312 shares of the company's stock worth $626,000 after buying an additional 1,407 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Smartsheet by 2.1% during the third quarter. Larson Financial Group LLC now owns 13,253 shares of the company's stock valued at $734,000 after acquiring an additional 277 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Price Performance

Shares of NYSE SMAR remained flat at $55.96 during mid-day trading on Wednesday. The stock had a trading volume of 3,300,946 shares, compared to its average volume of 2,233,140. The stock's 50-day moving average is $56.01 and its 200-day moving average is $50.47. The firm has a market capitalization of $7.83 billion, a price-to-earnings ratio of -932.67, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55.

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

Insider Buying and Selling at Smartsheet

In related news, insider Jolene Lau Marshall sold 2,000 shares of the business's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $55.99, for a total value of $111,980.00. Following the sale, the insider now owns 19,739 shares in the company, valued at approximately $1,105,186.61. The trade was a 9.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the firm's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $56.05, for a total value of $280,250.00. Following the transaction, the chief executive officer now owns 578,762 shares of the company's stock, valued at $32,439,610.10. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,692 shares of company stock valued at $4,762,909 over the last 90 days. 4.52% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Smartsheet in a research note on Friday, December 6th. BMO Capital Markets reaffirmed a "market perform" rating and set a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Wolfe Research reiterated a "peer perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. William Blair restated a "market perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Barclays upped their price objective 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. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Smartsheet presently has a consensus rating of "Hold" and an average price target of $55.82.

Smartsheet 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.