31,978 Shares in Smartsheet Inc (NYSE:SMAR) Acquired by New Millennium Group LLC

New Millennium Group LLC purchased a new position in shares of Smartsheet Inc (NYSE:SMAR) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 31,978 shares of the company’s stock, valued at approximately $1,770,000. Smartsheet comprises approximately 1.1% of New Millennium Group LLC’s portfolio, making the stock its 22nd largest position.

Other large investors have also bought and sold shares of the company. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Smartsheet during the 3rd quarter worth about $2,359,000. Quest Partners LLC raised its stake in shares of Smartsheet by 36.6% in the third quarter. Quest Partners LLC now owns 6,981 shares of the company’s stock worth $386,000 after acquiring an additional 1,871 shares during the last quarter. KCM Investment Advisors LLC acquired a new position in shares of Smartsheet during the third quarter worth approximately $239,000. CIBC Asset Management Inc bought a new stake in shares of Smartsheet during the third quarter valued at approximately $222,000. Finally, ING Groep NV increased its holdings in shares of Smartsheet by 224.4% in the third quarter. ING Groep NV now owns 348,100 shares of the company’s stock valued at $19,271,000 after purchasing an additional 240,800 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SMAR shares. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $56.50 price target on shares of Smartsheet in a research note on Thursday, October 24th. Guggenheim lowered Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. DA Davidson reissued a “neutral” rating and set a $56.50 price objective (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. One equities 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Down 0.2 %

SMAR opened at $55.75 on Tuesday. The stock has a market cap of $7.75 billion, a P/E ratio of -180.20 and a beta of 0.74. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The company has a fifty day simple moving average of $54.99 and a 200 day simple moving average of $48.10.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period in the prior year, the company earned ($0.23) earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, equities research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its Board of Directors has initiated a share repurchase 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 typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the transaction, the insider now owns 13,529 shares of the company’s stock, valued at $684,432.11. This represents a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,989 shares of company stock valued at $2,068,874. 4.52% of the stock is currently 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.