Washington Capital Management Inc. Has $774,000 Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Washington Capital Management Inc. decreased its position in shares of Smartsheet Inc (NYSE:SMAR) by 29.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,975 shares of the company’s stock after selling 5,800 shares during the period. Washington Capital Management Inc.’s holdings in Smartsheet were worth $774,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in SMAR. International Assets Investment Management LLC acquired a new stake in Smartsheet in the second quarter valued at approximately $25,000. Banque Cantonale Vaudoise acquired a new stake in Smartsheet in the first quarter valued at approximately $29,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the second quarter valued at approximately $31,000. Plato Investment Management Ltd acquired a new stake in Smartsheet in the first quarter valued at approximately $35,000. Finally, First Horizon Advisors Inc. boosted its position in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after buying an additional 244 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Down 0.1 %

SMAR traded down $0.05 during midday trading on Tuesday, hitting $55.99. The company had a trading volume of 1,402,235 shares, compared to its average volume of 2,091,129. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.09. The company has a market capitalization of $7.75 billion, a price-to-earnings ratio of -90.37 and a beta of 0.75. The stock’s 50 day moving average price is $51.24 and its 200 day moving average price is $44.94.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. The business’s revenue was up 17.3% compared to the same quarter last year. Research analysts predict that Smartsheet Inc will post -0.05 EPS for the current year.

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

Analysts Set New Price Targets

A number of analysts have weighed in on SMAR shares. Citigroup restated a “neutral” rating and issued a $56.50 target price (down previously from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. Royal Bank of Canada lifted their price target on shares of Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a report on Wednesday, September 25th. Guggenheim lifted their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Truist Financial reiterated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $55.82.

Insider Activity

In other news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were 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 in the company, valued at approximately $30,486,096.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Stephen Robert Branstetter sold 2,004 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the transaction, the chief operating officer now owns 61,791 shares in the company, valued at approximately $2,965,968. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 39,734 shares of company stock worth $2,065,058 over the last three months. 4.52% of the stock is currently owned by insiders.

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.