New York State Common Retirement Fund Sells 339,419 Shares of Smartsheet Inc (NYSE:SMAR)

New York State Common Retirement Fund lessened its position in shares of Smartsheet Inc (NYSE:SMAR) by 29.2% in the third quarter, Holdings Channel.com reports. The firm owned 824,360 shares of the company’s stock after selling 339,419 shares during the period. New York State Common Retirement Fund’s holdings in Smartsheet were worth $45,637,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. US Bancorp DE increased its holdings 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. First Horizon Advisors Inc. increased its holdings in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares in the last quarter. Amalgamated Bank increased its holdings in Smartsheet by 3.5% during the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after purchasing an additional 294 shares in the last quarter. GAMMA Investing LLC increased its holdings 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 purchasing an additional 318 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in Smartsheet by 24.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after purchasing an additional 360 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. UBS Group restated a “neutral” rating and set a $56.50 price objective (down from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. Canaccord Genuity Group downgraded shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Barclays increased their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Guggenheim increased their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Down 0.3 %

Shares of SMAR stock opened at $56.25 on Friday. The firm has a 50 day moving average price of $53.55 and a two-hundred day moving average price of $46.65. The company has a market capitalization of $7.82 billion, a PE ratio of -181.45 and a beta of 0.74. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million during 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 business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the business posted ($0.23) earnings per share. As a group, research analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its Board of Directors has approved a stock buyback program on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the transaction, the insider now directly owns 17,100 shares of the company’s stock, valued at approximately $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,730 shares of company stock worth $1,968,866 over the last three months. 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.