National Bank of Canada FI Takes $1.38 Million Position in Smartsheet Inc (NYSE:SMAR)

National Bank of Canada FI acquired a new position in shares of Smartsheet Inc (NYSE:SMAR) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 25,000 shares of the company’s stock, valued at approximately $1,384,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. grew its stake in shares of Smartsheet by 169.3% in the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock valued at $4,605,000 after buying an additional 65,670 shares in the last quarter. Bailard Inc. acquired a new position in Smartsheet in the 2nd quarter valued at about $3,435,000. Verition Fund Management LLC increased its stake in Smartsheet by 1,149.0% during the third quarter. Verition Fund Management LLC now owns 322,103 shares of the company’s stock worth $17,832,000 after purchasing an additional 296,314 shares during the period. Maven Securities LTD acquired a new stake in shares of Smartsheet during the third quarter worth about $3,875,000. Finally, Bank of Montreal Can purchased a new position in shares of Smartsheet in the second quarter valued at approximately $3,274,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Activity at Smartsheet

In other news, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $55.35, for a total transaction of $276,750.00. Following the completion of the sale, the chief executive officer now owns 583,762 shares in the company, valued at approximately $32,311,226.70. This represents a 0.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. This trade represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,623 shares of company stock valued at $2,067,441 in the last three months. 4.52% of the stock is currently owned by company insiders.

Smartsheet Price Performance

NYSE SMAR opened at $56.02 on Friday. The company has a fifty day moving average of $55.99 and a two-hundred day moving average of $50.13. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The company has a market capitalization of $7.78 billion, a PE ratio of -933.67, a P/E/G ratio of 82.27 and a beta of 0.71.

Smartsheet declared that its board has initiated a share buyback plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

SMAR has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Smartsheet in a research note on Friday, December 6th. 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 report on Wednesday, September 25th. DA Davidson reiterated a “neutral” rating and issued a $56.50 target price (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. UBS Group reissued a “neutral” rating and set a $56.50 target price (down from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. Finally, Guggenheim cut Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Smartsheet presently has an average rating of “Hold” and an average target price of $55.82.

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.