Swedbank AB Reduces Position in Smartsheet Inc (NYSE:SMAR)

Swedbank AB reduced its stake in Smartsheet Inc (NYSE:SMAR) by 59.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 403,983 shares of the company’s stock after selling 593,117 shares during the quarter. Swedbank AB owned about 0.29% of Smartsheet worth $22,364,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in SMAR. Eminence Capital LP lifted its holdings in Smartsheet by 9.2% in the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after purchasing an additional 358,988 shares in the last quarter. RGM Capital LLC raised its position in shares of Smartsheet by 7.6% in the second quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after buying an additional 156,817 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after buying an additional 533,278 shares during the period. AQR Capital Management LLC boosted its position in Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after acquiring an additional 881,004 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Smartsheet by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,278,665 shares of the company’s stock worth $70,787,000 after acquiring an additional 20,643 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on SMAR. William Blair restated a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Truist Financial reaffirmed a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. UBS Group reissued a “neutral” rating and issued a $56.50 target price (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Finally, Guggenheim lowered shares of Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Down 0.1 %

NYSE SMAR opened at $56.08 on Tuesday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The business has a 50 day moving average price of $55.43 and a two-hundred day moving average price of $48.70. The stock has a market cap of $7.79 billion, a PE ratio of -180.90 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating 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 business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the business earned ($0.23) EPS. The business’s revenue was up 17.3% on a year-over-year basis. Sell-side analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its board has approved 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 buy up to 2.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The trade was a 2.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,205 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $55.92, for a total transaction of $179,223.60. Following the transaction, the insider now directly owns 18,695 shares in the company, valued at $1,045,424.40. The trade was a 14.63 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,194 shares of company stock worth $2,248,098. 4.52% of the stock is currently owned by corporate insiders.

Smartsheet 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.