Sanctuary Advisors LLC reduced its stake in Smartsheet Inc (NYSE:SMAR - Free Report) by 38.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,572 shares of the company's stock after selling 9,889 shares during the period. Sanctuary Advisors LLC's holdings in Smartsheet were worth $874,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of SMAR. Virtu Financial LLC purchased a new stake in shares of Smartsheet during the third quarter valued at approximately $695,000. Geode Capital Management LLC boosted its holdings in Smartsheet by 2.4% in the third quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company's stock valued at $123,545,000 after purchasing an additional 52,293 shares during the last quarter. Vestcor Inc acquired a new stake in Smartsheet during the 3rd quarter valued at approximately $3,928,000. Barclays PLC raised its position in shares of Smartsheet by 197.3% in the 3rd quarter. Barclays PLC now owns 537,408 shares of the company's stock valued at $29,749,000 after purchasing an additional 356,624 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Smartsheet by 71.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 83,060 shares of the company's stock valued at $4,598,000 after buying an additional 34,723 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.
SMAR opened at $56.01 on Monday. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The stock's 50 day moving average price is $56.03 and its 200 day moving average price is $50.86. The stock has a market cap of $7.84 billion, a P/E ratio of -933.50, a P/E/G ratio of 82.24 and a beta of 0.71.
Smartsheet declared that its Board of Directors has authorized a share buyback program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.
Several research analysts have weighed in on SMAR shares. Wells Fargo & Company reissued an "equal weight" rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Truist Financial reissued a "hold" rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Morgan Stanley increased their target price on Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Citigroup reissued a "neutral" rating and set a $56.50 price target (down from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $55.82.
Read Our Latest Analysis on Smartsheet
In other news, CEO Mark Patrick Mader sold 47,916 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $55.96, for a total transaction of $2,681,379.36. Following the completion of the sale, the chief executive officer now owns 624,356 shares in the company, valued at approximately $34,938,961.76. This represents a 7.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 2,000 shares of the firm's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $55.99, for a total value of $111,980.00. Following the sale, the insider now directly owns 19,739 shares of the company's stock, valued at approximately $1,105,186.61. This represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,692 shares of company stock worth $3,727,309 over the last ninety days. 4.52% of the stock is currently owned by corporate insiders.
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.
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