Geode Capital Management LLC Grows Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Geode Capital Management LLC grew its stake in shares of Smartsheet Inc (NYSE:SMAR) by 2.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,231,050 shares of the company’s stock after acquiring an additional 52,293 shares during the period. Geode Capital Management LLC owned 1.61% of Smartsheet worth $123,545,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Zacks Investment Management bought a new position in shares of Smartsheet in the third quarter valued at approximately $4,551,000. Bailard Inc. bought a new position in Smartsheet in the 2nd quarter valued at $3,435,000. Verition Fund Management LLC boosted its holdings in Smartsheet by 1,149.0% in the 3rd quarter. Verition Fund Management LLC now owns 322,103 shares of the company’s stock valued at $17,832,000 after purchasing an additional 296,314 shares during the period. Maven Securities LTD purchased a new position in shares of Smartsheet during the 3rd quarter valued at $3,875,000. Finally, Bank of Montreal Can bought a new position in shares of Smartsheet in the second quarter worth $3,274,000. 90.01% of the stock is owned by institutional investors.

Insider Activity at Smartsheet

In other news, insider Jolene Lau Marshall sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $55.99, for a total transaction of $111,980.00. Following the transaction, the insider now directly owns 19,739 shares of the company’s stock, valued at approximately $1,105,186.61. The trade was a 9.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $55.35, for a total value of $276,750.00. Following the transaction, the chief executive officer now owns 583,762 shares of the company’s stock, valued at approximately $32,311,226.70. This represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,692 shares of company stock worth $4,762,909 in the last three months. 4.52% of the stock is owned by insiders.

Smartsheet Stock Performance

NYSE:SMAR opened at $55.96 on Wednesday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The firm has a market cap of $7.83 billion, a PE ratio of -932.67, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71. The business has a 50 day moving average price of $56.01 and a 200-day moving average price of $50.47.

Smartsheet declared that its Board of Directors has approved a stock buyback program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SMAR shares. Truist Financial reissued a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. BMO Capital Markets restated a “market perform” rating and issued a $56.50 price objective (down from $59.00) on shares of Smartsheet in a research report 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 report on Thursday, October 24th. Morgan Stanley increased their price target 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 reaffirmed a “neutral” rating and set a $56.50 price objective (down from $61.00) on shares of Smartsheet in a 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 given a buy rating to the company’s stock. According to MarketBeat.com, Smartsheet currently has an average rating of “Hold” and a consensus 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.