Smartsheet Inc (NYSE:SMAR) Stake Lifted by Barclays PLC

Barclays PLC increased its position in shares of Smartsheet Inc (NYSE:SMAR) by 197.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 537,408 shares of the company’s stock after purchasing an additional 356,624 shares during the period. Barclays PLC’s holdings in Smartsheet were worth $29,749,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in shares of Smartsheet by 12.9% in the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after buying an additional 200 shares in the last quarter. Landscape Capital Management L.L.C. grew its holdings in Smartsheet by 0.3% during the third quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock worth $4,596,000 after acquiring an additional 225 shares during the period. First Horizon Advisors Inc. raised its position in Smartsheet by 25.5% in the third quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock worth $62,000 after acquiring an additional 228 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Smartsheet by 2.4% in the 3rd quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock valued at $639,000 after acquiring an additional 266 shares during the last quarter. Finally, Larson Financial Group LLC boosted its position in shares of Smartsheet by 2.1% during the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock valued at $734,000 after purchasing an additional 277 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Smartsheet

In other news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet 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 directly owns 64,215 shares in the company, valued at approximately $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the firm’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 value of $1,035,600.00. Following the completion of the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. This trade represents a 3.29 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,623 shares of company stock worth $2,067,441. 4.52% of the stock is owned by insiders.

Smartsheet Stock Performance

Shares of SMAR stock opened at $56.02 on Friday. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The stock’s 50 day simple moving average is $55.98 and its 200 day simple moving average is $49.94. The company has a market capitalization of $7.78 billion, a price-to-earnings ratio of -933.67, a PEG ratio of 82.27 and a beta of 0.71.

Smartsheet announced that its board has initiated a stock repurchase program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SMAR. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. UBS Group reissued a “neutral” rating and set a $56.50 price objective (down from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. Needham & Company LLC restated a “hold” rating on shares of Smartsheet in a report on Friday, December 6th. Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $56.50 price target on shares of Smartsheet in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $55.82.

About Smartsheet

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.