Victory Capital Management Inc. Lowers Position in Smartsheet Inc (NYSE:SMAR)

Victory Capital Management Inc. lessened its holdings in Smartsheet Inc (NYSE:SMAR - Free Report) by 11.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 208,824 shares of the company's stock after selling 28,090 shares during the period. Victory Capital Management Inc. owned about 0.15% of Smartsheet worth $11,560,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. US Bancorp DE boosted its stake in shares of Smartsheet by 12.9% during the third quarter. US Bancorp DE now owns 1,749 shares of the company's stock valued at $97,000 after purchasing an additional 200 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company's stock worth $39,000 after acquiring an additional 244 shares during the last quarter. Principal Financial Group Inc. increased its position in Smartsheet by 2.4% in the 3rd quarter. Principal Financial Group Inc. now owns 11,538 shares of the company's stock valued at $639,000 after acquiring an additional 266 shares during the period. Atria Investments Inc raised its stake in shares of Smartsheet by 3.1% during the third quarter. Atria Investments Inc now owns 9,749 shares of the company's stock valued at $540,000 after acquiring an additional 289 shares during the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Smartsheet by 3.5% during the second quarter. Amalgamated Bank now owns 8,678 shares of the company's stock worth $383,000 after purchasing an additional 294 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the company's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the sale, the insider now directly owns 13,529 shares of the company's stock, valued at $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares of the company's stock, valued at $30,486,096.36. The trade was a 3.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,194 shares of company stock worth $2,248,098 in the last quarter. Insiders own 4.52% of the company's stock.

Analyst Ratings Changes

SMAR has been the subject of several analyst reports. Citigroup reaffirmed a "neutral" rating and set a $56.50 target price (down from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. William Blair reaffirmed a "market perform" rating on shares of Smartsheet in a research note on Wednesday, September 25th. Royal Bank of Canada reissued a "sector perform" rating and set a $56.50 target price on shares of Smartsheet in a research report on Thursday, October 24th. Jefferies Financial Group restated a "hold" rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Barclays increased their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the stock an "equal weight" rating in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, seventeen have assigned 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 a consensus target price of $55.82.

Smartsheet Trading Up 0.1 %

Shares of Smartsheet stock opened at $55.93 on Thursday. The business's fifty day simple moving average is $55.18 and its 200 day simple moving average is $48.27. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The firm has a market capitalization of $7.77 billion, a P/E ratio of -180.41 and a beta of 0.74.

Smartsheet (NYSE:SMAR - Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same period in the previous year, the firm earned ($0.23) EPS. The firm's quarterly revenue was up 17.3% on a year-over-year basis. Analysts predict that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its board has authorized a share buyback plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

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.