Zacks Investment Management Makes New Investment in Smartsheet Inc (NYSE:SMAR)

Zacks Investment Management purchased a new stake in Smartsheet Inc (NYSE:SMAR - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 82,200 shares of the company's stock, valued at approximately $4,551,000. Zacks Investment Management owned about 0.06% of Smartsheet as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SMAR. Cetera Advisors LLC acquired a new stake in Smartsheet in the 1st quarter valued at approximately $219,000. CWM LLC boosted its stake in shares of Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company's stock valued at $876,000 after purchasing an additional 13,621 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Smartsheet in the second quarter valued at approximately $320,000. Vanderbilt University increased its stake in Smartsheet by 33.9% during the 2nd quarter. Vanderbilt University now owns 84,891 shares of the company's stock worth $3,742,000 after buying an additional 21,503 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in Smartsheet by 169.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company's stock worth $4,605,000 after buying an additional 65,670 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Stock Performance

Smartsheet stock traded up $0.02 during midday trading on Monday, hitting $56.09. 2,205,085 shares of the company's stock were exchanged, compared to its average volume of 2,203,984. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55. The stock has a market cap of $7.79 billion, a price-to-earnings ratio of -934.83 and a beta of 0.71. The firm's 50 day simple moving average is $55.95 and its 200 day simple moving average is $49.74.

Smartsheet (NYSE:SMAR - Get Free Report) last posted its quarterly earnings data 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 positive return on equity of 2.33% and a negative net margin of 0.80%. The company had revenue of $276.41 million during the quarter, compared to analysts' expectations of $274.23 million. During the same period last year, the firm earned ($0.23) EPS. The firm's revenue for the quarter was up 17.3% on a year-over-year basis. On average, equities research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has approved a share buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have commented on SMAR. Morgan Stanley boosted their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. Truist Financial reissued a "hold" rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Wolfe Research reaffirmed a "peer perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. William Blair reissued a "market perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, UBS Group reaffirmed a "neutral" rating and issued a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $55.82.

Insider Transactions at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the company's 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 transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. This represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,205 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the transaction, the insider now directly owns 18,695 shares of the company's stock, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,194 shares of company stock worth $2,248,098. 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.