Cornercap Investment Counsel Inc. Decreases Holdings in Smartsheet Inc (NYSE:SMAR)

Cornercap Investment Counsel Inc. cut its position in shares of Smartsheet Inc (NYSE:SMAR) by 50.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 13,513 shares of the company’s stock after selling 13,808 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Smartsheet were worth $748,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of SMAR. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet in the second quarter valued at about $25,000. Versant Capital Management Inc acquired a new stake in Smartsheet during the 2nd quarter valued at $31,000. Raleigh Capital Management Inc. purchased a new position in Smartsheet during the third quarter worth $31,000. Waldron Private Wealth LLC acquired a new position in shares of Smartsheet in the third quarter worth $33,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Smartsheet in the first quarter valued at $35,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SMAR has been the subject of several analyst reports. Barclays boosted their target price on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Morgan Stanley upped their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $56.50 target price (down from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. UBS Group reissued a “neutral” rating and set a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. reaffirmed 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. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $55.82.

Insider Buying and Selling

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at $3,403,395. This represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,989 shares of company stock valued at $2,068,874 in the last quarter. Company insiders own 4.52% of the company’s stock.

Smartsheet Price Performance

NYSE:SMAR opened at $55.86 on Friday. The business’s 50-day moving average is $54.85 and its two-hundred day moving average is $47.72. The firm has a market capitalization of $7.76 billion, a PE ratio of -180.22 and a beta of 0.74. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating 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 business had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the business posted ($0.23) EPS. The company’s revenue was up 17.3% on a year-over-year basis. Equities analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its Board of Directors has authorized a share repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are often an indication 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.