Smartsheet Inc (NYSE:SMAR) Shares Sold by Sei Investments Co.

Sei Investments Co. cut its position in Smartsheet Inc (NYSE:SMAR) by 30.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,338 shares of the company’s stock after selling 44,968 shares during the quarter. Sei Investments Co. owned 0.07% of Smartsheet worth $4,511,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC acquired a new position in Smartsheet during the 2nd quarter worth $25,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet during the 1st quarter worth $29,000. Versant Capital Management Inc acquired a new position in Smartsheet during the 2nd quarter worth $31,000. Plato Investment Management Ltd acquired a new position in Smartsheet during the 1st quarter worth $35,000. Finally, First Horizon Advisors Inc. grew its stake 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. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Stock Performance

Smartsheet stock opened at $55.35 on Wednesday. The stock has a 50-day simple moving average of $49.73 and a 200-day simple moving average of $43.87. The company has a market capitalization of $7.69 billion, a P/E ratio of -89.27 and a beta of 0.74. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $55.60.

Smartsheet (NYSE:SMAR) last posted 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 return on equity of 4.29% and a negative net margin of 4.07%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.23) EPS. As a group, analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has initiated 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 reacquire up to 2.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Insiders sold a total of 35,157 shares of company stock valued at $1,762,763 in the last ninety days. Insiders own 4.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SMAR. Guggenheim boosted their target price on Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Barclays boosted their target price on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 price objective (up from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Morgan Stanley upped their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target 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.