Larson Financial Group LLC Acquires 277 Shares of Smartsheet Inc (NYSE:SMAR)

Larson Financial Group LLC increased its holdings in Smartsheet Inc (NYSE:SMAR) by 2.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,253 shares of the company’s stock after purchasing an additional 277 shares during the period. Larson Financial Group LLC’s holdings in Smartsheet were worth $734,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. CWM LLC raised its holdings in shares of Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Smartsheet by 169.3% during the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock valued at $4,605,000 after acquiring an additional 65,670 shares during the period. Bailard Inc. acquired a new stake in shares of Smartsheet in the 2nd quarter valued at $3,435,000. Harbor Capital Advisors Inc. grew its holdings in shares of Smartsheet by 94.6% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company’s stock worth $3,050,000 after purchasing an additional 33,640 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Smartsheet during the 2nd quarter worth about $3,274,000. Institutional investors own 90.01% of the company’s stock.

Smartsheet Trading Down 0.1 %

Shares of SMAR stock opened at $56.08 on Tuesday. The firm’s fifty day moving average price is $55.43 and its two-hundred day moving average price is $48.70. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The firm has a market capitalization of $7.79 billion, a P/E ratio of -180.90 and a beta of 0.74.

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

Smartsheet announced that its board has initiated a share buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the transaction, the insider now owns 18,695 shares of the company’s stock, valued at $1,045,424.40. This trade represents a 14.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,194 shares of company stock valued at $2,248,098 in the last 90 days. 4.52% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SMAR shares. Canaccord Genuity Group restated a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $56.50 target price on shares of Smartsheet in a report on Thursday, October 24th. Jefferies Financial Group reiterated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, Needham & Company LLC restated a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Smartsheet currently has a consensus rating of “Hold” and an average target price 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.