Public Employees Retirement System of Ohio Purchases 34,723 Shares of Smartsheet Inc (NYSE:SMAR)

Public Employees Retirement System of Ohio raised its position in shares of Smartsheet Inc (NYSE:SMAR) by 71.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,060 shares of the company’s stock after purchasing an additional 34,723 shares during the period. Public Employees Retirement System of Ohio’s holdings in Smartsheet were worth $4,598,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Zacks Investment Management purchased a new position in shares of Smartsheet during the third quarter valued at $4,551,000. Assenagon Asset Management S.A. grew its holdings in Smartsheet by 169.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock worth $4,605,000 after acquiring an additional 65,670 shares in the last quarter. Bailard Inc. purchased a new position in Smartsheet during the 2nd quarter valued at about $3,435,000. Verition Fund Management LLC raised its holdings in shares of Smartsheet by 1,149.0% in the 3rd quarter. Verition Fund Management LLC now owns 322,103 shares of the company’s stock valued at $17,832,000 after purchasing an additional 296,314 shares in the last quarter. Finally, Maven Securities LTD purchased a new stake in shares of Smartsheet in the 3rd quarter worth approximately $3,875,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Smartsheet

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. This represents a 2.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $1,035,600.00. Following the sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The trade was a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,623 shares of company stock worth $2,067,441. Company insiders own 4.52% of the company’s stock.

Smartsheet Trading Up 0.1 %

NYSE:SMAR opened at $56.02 on Friday. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The company has a market cap of $7.78 billion, a PE ratio of -933.67, a P/E/G ratio of 82.27 and a beta of 0.71. The company’s 50 day moving average is $55.99 and its two-hundred day moving average is $50.13.

Smartsheet declared that its board has initiated a share repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently issued reports on SMAR. Canaccord Genuity Group lowered shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Canaccord Genuity Group reiterated a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Guggenheim lowered Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $56.50 target price (down from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $55.82.

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.