KCM Investment Advisors LLC Buys New Holdings in Smartsheet Inc (NYSE:SMAR)

KCM Investment Advisors LLC purchased a new position in Smartsheet Inc (NYSE:SMAR) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 4,321 shares of the company’s stock, valued at approximately $239,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Raleigh Capital Management Inc. bought a new stake in shares of Smartsheet during the third quarter valued at approximately $31,000. International Assets Investment Management LLC purchased a new position in Smartsheet during the second quarter valued at $25,000. Waldron Private Wealth LLC purchased a new position in Smartsheet during the third quarter valued at $33,000. Versant Capital Management Inc bought a new stake in Smartsheet in the 2nd quarter valued at $31,000. Finally, Farther Finance Advisors LLC lifted its stake in Smartsheet by 123.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after purchasing an additional 398 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $684,432.11. This represents a 20.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $56.05, for a total value of $280,250.00. Following the completion of the sale, the chief executive officer now owns 578,762 shares of the company’s stock, valued at $32,439,610.10. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,989 shares of company stock valued at $2,068,874 in the last 90 days. Company insiders own 4.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. restated a “neutral” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Canaccord Genuity Group restated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. UBS Group reaffirmed a “neutral” rating and issued a $56.50 price objective (down previously from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $56.50 target price on shares of Smartsheet in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Smartsheet currently has a consensus rating of “Hold” and an average price target of $55.82.

Smartsheet Stock Down 0.0 %

SMAR opened at $55.85 on Friday. The stock’s 50 day moving average price is $54.92 and its 200-day moving average price is $47.84. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data 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 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 the consensus estimate of $274.23 million. During the same quarter in the prior year, the company posted ($0.23) EPS. Smartsheet’s quarterly revenue was up 17.3% on a year-over-year basis. Equities analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has approved a stock repurchase plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.