Amalgamated Bank Grows Stock Position in Smartsheet Inc (NYSE:SMAR)

Amalgamated Bank boosted its stake in shares of Smartsheet Inc (NYSE:SMAR) by 3.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,678 shares of the company’s stock after acquiring an additional 294 shares during the quarter. Amalgamated Bank’s holdings in Smartsheet were worth $383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of SMAR. International Assets Investment Management LLC bought a new position in shares of Smartsheet in the second quarter worth approximately $25,000. Versant Capital Management Inc bought a new stake in Smartsheet in the 2nd quarter worth $31,000. Banque Cantonale Vaudoise purchased a new position in shares of Smartsheet in the first quarter valued at about $29,000. First Horizon Advisors Inc. raised its stake in shares of Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new stake in shares of Smartsheet during the first quarter worth about $35,000. 90.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on SMAR shares. BMO Capital Markets reaffirmed a “market perform” rating and set a $56.50 price target (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Canaccord Genuity Group lowered Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. DA Davidson reaffirmed a “neutral” rating and issued a $56.50 target price (up from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. One research 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’s stock. Based on data from MarketBeat, Smartsheet has a consensus rating of “Hold” and an average price target of $55.82.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $55.34 on Monday. The business has a fifty day moving average price of $49.46 and a 200-day moving average price of $43.64. The company has a market capitalization of $7.66 billion, a PE ratio of -89.26 and a beta of 0.74. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $55.60.

Smartsheet (NYSE:SMAR) last issued its earnings results 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 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 business’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.23) earnings per share. On average, sell-side analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the sale, the insider now directly owns 13,529 shares in the company, valued at approximately $684,432.11. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,157 shares of company stock valued at $1,762,763. Corporate insiders own 4.52% of the company’s stock.

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.