Loomis Sayles & Co. L P Boosts Holdings in Smartsheet Inc (NYSE:SMAR)

Loomis Sayles & Co. L P boosted its holdings in Smartsheet Inc (NYSE:SMAR) by 14.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,312 shares of the company’s stock after acquiring an additional 1,407 shares during the period. Loomis Sayles & Co. L P’s holdings in Smartsheet were worth $626,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new position in Smartsheet during the second quarter worth about $25,000. Versant Capital Management Inc purchased a new position in shares of Smartsheet during the 2nd quarter worth approximately $31,000. Raleigh Capital Management Inc. acquired a new stake in Smartsheet in the 3rd quarter valued at approximately $31,000. Waldron Private Wealth LLC purchased a new stake in Smartsheet in the third quarter valued at approximately $33,000. Finally, Plato Investment Management Ltd acquired a new position in Smartsheet during the first quarter worth $35,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. DA Davidson reaffirmed a “neutral” rating and issued a $56.50 price objective (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Jefferies Financial Group reissued a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Canaccord Genuity Group reissued a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $56.50 target price (down from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. 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. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $55.82.

Insider Buying and Selling at Smartsheet

In other news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet 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 sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the transaction, the insider now owns 13,529 shares in the company, valued at approximately $684,432.11. This trade represents a 20.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,194 shares of company stock worth $2,248,098 over the last 90 days. Corporate insiders own 4.52% of the company’s stock.

Smartsheet Price Performance

Shares of NYSE SMAR opened at $56.00 on Friday. 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 price-to-earnings ratio of -180.65 and a beta of 0.74. The business has a 50-day moving average of $55.71 and a two-hundred day moving average of $48.91.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. The firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.23) earnings per share. As a group, equities research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

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