Brighton Jones LLC Has $570,000 Holdings in Smartsheet Inc (NYSE:SMAR)

Brighton Jones LLC lessened its holdings in Smartsheet Inc (NYSE:SMAR) by 28.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,299 shares of the company’s stock after selling 4,009 shares during the quarter. Brighton Jones LLC’s holdings in Smartsheet were worth $570,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Raleigh Capital Management Inc. bought a new stake in Smartsheet in the third quarter valued at about $31,000. International Assets Investment Management LLC bought a new stake in shares of Smartsheet in the 2nd quarter valued at about $25,000. Waldron Private Wealth LLC bought a new stake in shares of Smartsheet in the 3rd quarter valued at about $33,000. Versant Capital Management Inc acquired a new stake in shares of Smartsheet in the 2nd quarter valued at approximately $31,000. Finally, GAMMA Investing LLC boosted its stake in Smartsheet by 73.3% during the 3rd quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock worth $42,000 after acquiring an additional 318 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on SMAR. Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Barclays raised their price objective on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $56.50 target price on shares of Smartsheet in a research note on Thursday. Citigroup reaffirmed a “neutral” rating and set a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $56.50 price objective (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Performance

SMAR opened at $56.51 on Friday. The business’s 50-day simple moving average is $52.88 and its 200 day simple moving average is $45.95. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.54. The firm has a market capitalization of $7.82 billion, a PE ratio of -91.15 and a beta of 0.75.

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

Smartsheet declared that its Board of Directors has approved 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 stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction dated 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 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 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total transaction of $197,726.27. Following the completion of the transaction, the insider now directly owns 9,958 shares of the company’s stock, valued at $551,374.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,730 shares of company stock valued at $1,968,866 in the last quarter. Company insiders own 4.52% of the company’s stock.

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.