Blueshift Asset Management LLC Purchases New Shares in Smartsheet Inc (NYSE:SMAR)

Blueshift Asset Management LLC bought a new position in Smartsheet Inc (NYSE:SMAR) in the third quarter, HoldingsChannel.com reports. The fund bought 4,229 shares of the company’s stock, valued at approximately $234,000.

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

Smartsheet Trading Down 0.1 %

Shares of NYSE SMAR opened at $55.95 on Friday. The firm has a fifty day simple moving average of $55.80 and a two-hundred day simple moving average of $49.02. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The firm has a market capitalization of $7.77 billion, a PE ratio of -180.48 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share 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 analysts’ expectations of $274.23 million. During the same period in the previous year, the firm posted ($0.23) EPS. The business’s revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has authorized a share repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SMAR. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. BMO Capital Markets reaffirmed 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. Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Truist Financial restated a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Needham & Company LLC reiterated a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $55.82.

Insider Buying and Selling

In other news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. This represents a 3.29 % 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 Smartsheet stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 42,194 shares of company stock valued at $2,248,098 over the last ninety days. 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.