Smartsheet Inc (NYSE:SMAR) Shares Sold by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd decreased its holdings in Smartsheet Inc (NYSE:SMAR) by 58.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,427 shares of the company’s stock after selling 3,398 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Smartsheet were worth $134,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. International Assets Investment Management LLC acquired a new position in shares of Smartsheet during the 2nd quarter worth $25,000. Versant Capital Management Inc acquired a new position in Smartsheet during the second quarter worth about $31,000. Raleigh Capital Management Inc. purchased a new position in Smartsheet in the third quarter valued at about $31,000. Waldron Private Wealth LLC acquired a new stake in shares of Smartsheet during the 3rd quarter valued at approximately $33,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Smartsheet during the 1st quarter worth approximately $35,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Barclays raised their price target on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. 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. Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Finally, Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $55.82.

Insider Activity

In other news, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value 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 trade represents a 20.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction 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 sale, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,194 shares of company stock valued at $2,248,098 in the last three months. Corporate insiders own 4.52% of the company’s stock.

Smartsheet Stock Performance

Shares of SMAR stock opened at $56.00 on Thursday. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of -180.65 and a beta of 0.74. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55. The company has a 50 day moving average price of $55.60 and a 200 day moving average price of $48.86.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 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 business had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period in the prior year, the firm posted ($0.23) EPS. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, equities analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its board has approved a stock repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board 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.