True Wealth Design LLC Invests $41,000 in Smartsheet Inc (NYSE:SMAR)

True Wealth Design LLC purchased a new stake in Smartsheet Inc (NYSE:SMAR) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 732 shares of the company’s stock, valued at approximately $41,000.

Several other hedge funds have also added to or reduced their stakes in SMAR. International Assets Investment Management LLC acquired a new stake in Smartsheet during the 2nd quarter worth $25,000. Brooklyn Investment Group bought a new position in shares of Smartsheet in the 3rd quarter worth $28,000. Versant Capital Management Inc bought a new stake in Smartsheet in the second quarter valued at about $31,000. Raleigh Capital Management Inc. bought a new stake in Smartsheet in the third quarter valued at about $31,000. Finally, Waldron Private Wealth LLC bought a new position in Smartsheet during the third quarter worth about $33,000. Institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

SMAR has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. Guggenheim lowered shares of Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. 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. Morgan Stanley upped their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Down 0.1 %

NYSE SMAR opened at $55.95 on Monday. The firm’s 50 day moving average is $55.80 and its 200-day moving average is $49.13. The company has a market capitalization of $7.77 billion, a PE ratio of -180.48 and a beta of 0.74. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55.

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

Smartsheet declared that its board has approved a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CEO Mark Patrick Mader sold 20,000 shares of the 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 sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. This represents a 3.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. The trade was a 2.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is owned by company insiders.

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.