KCM Investment Advisors LLC Acquires Shares of 4,321 Smartsheet Inc (NYSE:SMAR)

KCM Investment Advisors LLC acquired a new stake in shares of Smartsheet Inc (NYSE:SMAR) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,321 shares of the company’s stock, valued at approximately $239,000.

Other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in Smartsheet in the second quarter worth about $25,000. Versant Capital Management Inc bought a new stake in Smartsheet during the 2nd quarter valued at approximately $31,000. Raleigh Capital Management Inc. purchased a new position in shares of Smartsheet during the 3rd quarter worth approximately $31,000. Waldron Private Wealth LLC bought a new position in shares of Smartsheet in the 3rd quarter worth approximately $33,000. Finally, Plato Investment Management Ltd purchased a new position in shares of Smartsheet in the 1st quarter valued at approximately $35,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on SMAR. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. DA Davidson reiterated a “neutral” rating and issued a $56.50 price target (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Guggenheim lowered shares of Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Morgan Stanley upped their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, UBS Group reiterated a “neutral” rating and set a $56.50 target price (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. One 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.com, Smartsheet currently has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Price Performance

NYSE SMAR opened at $55.85 on Friday. 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 $54.92 and its 200-day moving average price is $47.84.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share 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 company had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same quarter in the prior year, the company earned ($0.23) earnings per share. Smartsheet’s revenue was up 17.3% on a year-over-year basis. Research analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

Insider Buying and Selling at Smartsheet

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. This trade represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $56.05, for a total value of $280,250.00. Following the transaction, the chief executive officer now owns 578,762 shares of the company’s stock, valued at approximately $32,439,610.10. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,989 shares of company stock valued at $2,068,874. Insiders own 4.52% of the company’s stock.

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.