National Bank of Canada FI Takes $1.38 Million Position in Smartsheet Inc (NYSE:SMAR)

National Bank of Canada FI purchased a new position in shares of Smartsheet Inc (NYSE:SMAR) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 25,000 shares of the company’s stock, valued at approximately $1,384,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its stake in shares of Smartsheet by 169.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock worth $4,605,000 after buying an additional 65,670 shares in the last quarter. Bailard Inc. acquired a new position in Smartsheet during the second quarter worth $3,435,000. Verition Fund Management LLC raised its position in Smartsheet by 1,149.0% in the third quarter. Verition Fund Management LLC now owns 322,103 shares of the company’s stock worth $17,832,000 after acquiring an additional 296,314 shares in the last quarter. Maven Securities LTD purchased a new position in Smartsheet in the third quarter worth $3,875,000. Finally, Bank of Montreal Can acquired a new stake in Smartsheet in the second quarter valued at $3,274,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction that occurred on 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 owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. This represents a 3.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction that occurred on 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 directly owns 64,215 shares in the company, valued at approximately $3,403,395. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,623 shares of company stock valued at $2,067,441 in the last quarter. 4.52% of the stock is currently owned by company insiders.

Smartsheet Stock Performance

Shares of NYSE SMAR opened at $56.02 on Friday. The firm has a market cap of $7.78 billion, a P/E ratio of -933.67, a price-to-earnings-growth ratio of 82.27 and a beta of 0.71. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The firm’s 50 day moving average price is $55.99 and its 200 day moving average price is $50.13.

Smartsheet declared that its Board of Directors has authorized a share buyback plan on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Truist Financial reaffirmed a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Needham & Company LLC reissued a “hold” rating on shares of Smartsheet in a research note on Friday, December 6th. Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Finally, UBS Group reiterated a “neutral” rating and set a $56.50 target price (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target 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.