American Trust Sells 210 Shares of Smartsheet Inc (NYSE:SMAR)

American Trust lessened its position in Smartsheet Inc (NYSE:SMAR) by 4.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,360 shares of the company’s stock after selling 210 shares during the period. American Trust’s holdings in Smartsheet were worth $241,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC bought a new stake in shares of Smartsheet during the 2nd quarter valued at about $25,000. Brooklyn Investment Group bought a new stake in shares of Smartsheet in the 3rd quarter worth approximately $28,000. Raleigh Capital Management Inc. purchased a new stake in shares of Smartsheet in the third quarter worth $31,000. Waldron Private Wealth LLC bought a new stake in Smartsheet during the 3rd quarter valued at about $33,000. Finally, First Horizon Advisors Inc. lifted its stake in shares of Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after buying an additional 244 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on SMAR shares. BMO Capital Markets reiterated a “market perform” rating and set a $56.50 target price (down from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Royal Bank of Canada reiterated a “sector perform” rating and set a $56.50 target price on shares of Smartsheet in a research note on Thursday, October 24th. William Blair restated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Needham & Company LLC reiterated a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th. Finally, Barclays raised their target price on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.82.

Insider Transactions at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total transaction of $197,726.27. Following the completion of the transaction, the insider now owns 9,958 shares in the company, valued at approximately $551,374.46. This represents a 26.40 % 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, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction 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 sale, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. This represents a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,623 shares of company stock valued at $2,067,441 over the last 90 days. Company insiders own 4.52% of the company’s stock.

Smartsheet Stock Performance

SMAR opened at $56.02 on Friday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The stock has a market cap of $7.78 billion, a price-to-earnings ratio of -933.67, a price-to-earnings-growth ratio of 82.27 and a beta of 0.71. The firm’s fifty day moving average is $55.99 and its 200 day moving average is $50.05.

Smartsheet announced that its board has initiated a share buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.