Smartsheet Inc (NYSE:SMAR) Shares Purchased by Atria Investments Inc

Atria Investments Inc boosted its stake in Smartsheet Inc (NYSE:SMAR) by 3.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,749 shares of the company’s stock after acquiring an additional 289 shares during the period. Atria Investments Inc’s holdings in Smartsheet were worth $540,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SMAR. Raleigh Capital Management Inc. purchased a new stake in shares of Smartsheet in the third quarter valued at about $31,000. International Assets Investment Management LLC purchased a new position in Smartsheet during the second quarter worth about $25,000. Waldron Private Wealth LLC purchased a new position in Smartsheet during the third quarter worth about $33,000. Versant Capital Management Inc acquired a new position in Smartsheet during the second quarter worth about $31,000. Finally, Farther Finance Advisors LLC grew its position in Smartsheet by 123.2% during the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after buying an additional 398 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on SMAR. Canaccord Genuity Group restated 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. Citigroup reissued a “neutral” rating and set a $56.50 price objective (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Barclays raised 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. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.82.

Smartsheet Price Performance

Shares of SMAR stock opened at $55.89 on Wednesday. The firm has a market cap of $7.77 billion, a P/E ratio of -179.83 and a beta of 0.74. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The firm has a fifty day moving average of $54.99 and a two-hundred day moving average of $48.10.

Smartsheet (NYSE:SMAR) last posted its quarterly 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 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 in the previous year, the business posted ($0.23) EPS. The company’s quarterly revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its Board of Directors has initiated a stock buyback program on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Smartsheet

In other news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The trade was a 3.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. This represents a 2.80 % 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 worth $2,248,098 in the last ninety days. 4.52% of the stock is owned by insiders.

Smartsheet Company 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.