Smartsheet Inc (NYSE:SMAR) Shares Sold by ArrowMark Colorado Holdings LLC

ArrowMark Colorado Holdings LLC lowered its stake in Smartsheet Inc (NYSE:SMAR) by 15.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 3,854,689 shares of the company’s stock after selling 680,021 shares during the period. Smartsheet makes up approximately 2.7% of ArrowMark Colorado Holdings LLC’s portfolio, making the stock its 2nd largest position. ArrowMark Colorado Holdings LLC’s holdings in Smartsheet were worth $213,396,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. US Bancorp DE increased its position in Smartsheet by 12.9% during the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after purchasing an additional 200 shares in the last quarter. Landscape Capital Management L.L.C. raised its position in shares of Smartsheet by 0.3% in the third quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock valued at $4,596,000 after buying an additional 225 shares during the last quarter. First Horizon Advisors Inc. boosted its position in Smartsheet by 25.5% during the third quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock worth $62,000 after acquiring an additional 228 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Smartsheet by 2.4% during the 3rd quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock worth $639,000 after purchasing an additional 266 shares during the period. Finally, Larson Financial Group LLC increased its stake in Smartsheet by 2.1% in the third quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock valued at $734,000 after purchasing an additional 277 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $56.50 target price on shares of Smartsheet in a report on Thursday, October 24th. Citigroup restated a “neutral” rating and issued a $56.50 price objective (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Jefferies Financial Group restated a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Morgan Stanley boosted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. One 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $55.82.

Insider Activity

In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of the company’s 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 transaction, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. This represents a 0.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at $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. Over the last ninety days, insiders sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is currently owned by insiders.

Smartsheet Trading Down 0.1 %

SMAR stock opened at $55.95 on Monday. The stock’s 50 day simple moving average is $55.80 and its 200 day simple moving average is $49.13. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55. The firm has a market cap of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results 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. The company had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period last year, the firm posted ($0.23) EPS. On average, research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has approved a share 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 repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are 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.