Virtu Financial LLC Takes Position in Smartsheet Inc (NYSE:SMAR)

Virtu Financial LLC bought a new position in Smartsheet Inc (NYSE:SMAR - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 12,550 shares of the company's stock, valued at approximately $695,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in shares of Smartsheet in the third quarter worth $28,000. Raleigh Capital Management Inc. acquired a new position in shares of Smartsheet during the third quarter worth approximately $31,000. International Assets Investment Management LLC acquired a new stake in Smartsheet during the second quarter worth $25,000. Waldron Private Wealth LLC acquired a new stake in shares of Smartsheet during the 3rd quarter worth about $33,000. Finally, Farther Finance Advisors LLC boosted its holdings in Smartsheet by 123.2% in the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company's stock valued at $40,000 after acquiring an additional 398 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. BMO Capital Markets reissued a "market perform" rating and set a $56.50 price target (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Needham & Company LLC reissued a "hold" rating on shares of Smartsheet in a report on Friday, December 6th. Canaccord Genuity Group downgraded Smartsheet from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. restated a "neutral" rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Barclays raised their target price on Smartsheet from $50.00 to $56.50 and gave the stock an "equal weight" rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $55.82.

Smartsheet Price Performance

Shares of NYSE SMAR traded up $0.03 during midday trading on Friday, reaching $56.02. 2,472,569 shares of the company traded hands, compared to its average volume of 2,242,368. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The stock has a 50-day moving average price of $55.99 and a 200 day moving average price of $50.13.

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

Insider Transactions at Smartsheet

In related news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company's stock, valued at $3,403,395. This trade represents a 2.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total transaction of $276,750.00. Following the completion of the transaction, the chief executive officer now owns 583,762 shares of the company's stock, valued at $32,311,226.70. This trade represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,623 shares of company stock valued at $2,067,441 over the last three months. 4.52% of the stock is owned by corporate insiders.

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.