Wolverine Asset Management LLC Takes Position in Smartsheet Inc (NYSE:SMAR)

Wolverine Asset Management LLC acquired a new position in shares of Smartsheet Inc (NYSE:SMAR) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 10,400 shares of the company’s stock, valued at approximately $576,000.

Several other large investors have also recently bought and sold shares of SMAR. Sei Investments Co. lifted its position in shares of Smartsheet by 20.3% during the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after acquiring an additional 24,823 shares during the period. CWM LLC raised its holdings in Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after purchasing an additional 13,621 shares during the last quarter. Vanguard Group Inc. boosted its position in Smartsheet by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in 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 purchasing an additional 65,670 shares during the last quarter. Finally, Bailard Inc. purchased a new position in shares of Smartsheet in the second quarter valued at $3,435,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Transactions at Smartsheet

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the 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 completion of the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were 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 of the company’s stock, valued at $3,403,395. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,989 shares of company stock worth $2,068,874. 4.52% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on SMAR. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. One research 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $55.82.

Smartsheet Stock Up 0.1 %

NYSE:SMAR opened at $55.85 on Thursday. The firm’s 50 day moving average is $54.55 and its two-hundred day moving average is $47.60. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55.

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

Smartsheet announced that its board has authorized a share buyback plan on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management 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.