Olympiad Research LP Decreases Stock Position in Smartsheet Inc (NYSE:SMAR)

Olympiad Research LP lessened its stake in Smartsheet Inc (NYSE:SMAR) by 25.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,686 shares of the company’s stock after selling 3,335 shares during the quarter. Olympiad Research LP’s holdings in Smartsheet were worth $536,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. US Bancorp DE boosted its stake in shares of Smartsheet by 12.9% during the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company’s stock valued at $97,000 after buying an additional 200 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after buying an additional 244 shares during the last quarter. Amalgamated Bank boosted its stake in shares of Smartsheet by 3.5% during the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock valued at $383,000 after buying an additional 294 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Smartsheet by 73.3% during the 3rd quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $42,000 after buying an additional 318 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in shares of Smartsheet by 24.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock valued at $70,000 after buying an additional 360 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Price Performance

Shares of NYSE SMAR opened at $56.08 on Thursday. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The business’s fifty day moving average price is $53.95 and its two-hundred day moving average price is $47.04. The firm has a market capitalization of $7.79 billion, a PE ratio of -180.90 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 4.29% and a negative net margin of 4.07%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period last year, the company earned ($0.23) earnings per share. Equities research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its Board of Directors has approved a stock repurchase program on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the transaction, the insider now directly owns 17,100 shares of the company’s stock, valued at approximately $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $56.05, for a total value of $280,250.00. Following the sale, the chief executive officer now directly owns 578,762 shares in the company, valued at approximately $32,439,610.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares in the company, valued at approximately $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,730 shares of company stock valued at $2,249,116. Company insiders own 4.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SMAR. William Blair reiterated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. BMO Capital Markets reissued a “market perform” rating and set a $56.50 price target (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. 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, Guggenheim upped their price target on Smartsheet from $60.00 to $62.00 and gave the company a “buy” 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $55.82.

Smartsheet 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.