Tidal Investments LLC Acquires 8,424 Shares of Smartsheet Inc (NYSE:SMAR)

Tidal Investments LLC raised its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 38.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,337 shares of the company’s stock after acquiring an additional 8,424 shares during the period. Tidal Investments LLC’s holdings in Smartsheet were worth $1,679,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total transaction of $276,750.00. Following the completion of the transaction, the chief executive officer now owns 583,762 shares of the company’s stock, valued at approximately $32,311,226.70. This trade represents a 0.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total value of $197,726.27. Following the transaction, the insider now directly owns 9,958 shares of the company’s stock, valued at $551,374.46. This represents a 26.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 86,692 shares of company stock valued at $4,762,909. 4.52% of the stock is currently owned by company insiders.

Smartsheet Trading Down 0.1 %

Shares of Smartsheet stock opened at $55.96 on Wednesday. The firm has a market capitalization of $7.83 billion, a P/E ratio of -932.67, a P/E/G ratio of 82.24 and a beta of 0.71. The business has a fifty day simple moving average of $56.01 and a two-hundred day simple moving average of $50.47. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55.

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SMAR shares. Morgan Stanley raised their target price on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. BMO Capital Markets restated a “market perform” rating and issued a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. Canaccord Genuity Group restated a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $57.00 target price on shares of Smartsheet in a report on Tuesday, September 24th. One 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, Smartsheet presently has a consensus rating of “Hold” and a consensus price target of $55.82.

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.