Algert Global LLC Cuts Stake in Smartsheet Inc (NYSE:SMAR)

Algert Global LLC lowered its stake in shares of Smartsheet Inc (NYSE:SMAR) by 14.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 165,031 shares of the company’s stock after selling 28,401 shares during the quarter. Algert Global LLC owned approximately 0.12% of Smartsheet worth $9,136,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,205 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the transaction, the insider now owns 18,695 shares of the company’s stock, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. This represents a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is currently owned by company insiders.

Smartsheet Trading Up 0.5 %

Shares of SMAR stock opened at $56.16 on Friday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The stock has a 50 day moving average price of $55.36 and a two-hundred day moving average price of $48.44.

Smartsheet (NYSE:SMAR) last issued 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. 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 company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.23) earnings per share. On average, analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has initiated a share buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Canaccord Genuity Group restated a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Jefferies Financial Group reissued a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 target price on shares of Smartsheet in a report on Tuesday, September 24th. Needham & Company LLC reissued a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Truist Financial restated a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $55.82.

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.