70,954 Shares in Smartsheet Inc (NYSE:SMAR) Bought by Vestcor Inc

Vestcor Inc acquired a new stake in shares of Smartsheet Inc (NYSE:SMAR - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 70,954 shares of the company's stock, valued at approximately $3,928,000. Vestcor Inc owned 0.05% of Smartsheet at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. International Assets Investment Management LLC purchased a new position in shares of Smartsheet during the second quarter valued at about $25,000. Brooklyn Investment Group bought a new stake in shares of Smartsheet during the third quarter valued at approximately $28,000. Raleigh Capital Management Inc. bought a new position in shares of Smartsheet during the 3rd quarter worth $31,000. Waldron Private Wealth LLC purchased a new position in shares of Smartsheet during the third quarter valued at $33,000. Finally, First Horizon Advisors Inc. increased its position in Smartsheet by 37.5% during the 2nd 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 period. 90.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SMAR. UBS Group restated a "neutral" rating and issued a $56.50 price target (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. William Blair reissued a "market perform" rating on shares of Smartsheet in a report on Wednesday, September 25th. Royal Bank of Canada reissued a "sector perform" rating and issued a $56.50 price target on shares of Smartsheet in a research note on Thursday, October 24th. Finally, Morgan Stanley upped their price target on Smartsheet from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $55.82.

Smartsheet Stock Performance

Shares of SMAR traded up $0.06 during midday trading on Wednesday, hitting $56.04. 3,103,404 shares of the stock were exchanged, compared to its average volume of 2,219,564. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55. The stock has a fifty day simple moving average of $55.97 and a 200 day simple moving average of $49.89. The firm has a market cap of $7.79 billion, a P/E ratio of -933.92 and a beta of 0.71.

Smartsheet announced that its Board of Directors has initiated a share repurchase plan on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the sale, the insider now directly owns 13,529 shares of the company's stock, valued at approximately $684,432.11. This represents a 20.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the sale, the chief executive officer now directly 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 42,194 shares of company stock worth $2,248,098 over the last three months. Company 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.