Zacks Investment Management Invests in Smartsheet Inc (NYSE:SMAR)

Zacks Investment Management has declared a new investment in Smartsheet Inc (NYSE:SMAR) during the third quarter, as revealed in their latest report filed with the Securities and Exchange Commission (SEC). The institutional investor acquired 82,200 shares of Smartsheet's stock, with a total valuation of approximately $4.55 million. At the end of this reporting period, Zacks Investment Management held about 0.06% of Smartsheet.

Additionally, other firms have also made changes to their stakes in Smartsheet. Brooklyn Investment Group initiated a new position in Smartsheet during the third quarter, valued at approximately $28,000. Meanwhile, Raleigh Capital Management Inc. also entered this space with a new investment worth around $31,000. In the second quarter, International Assets Investment Management LLC acquired shares of Smartsheet for about $25,000. Waldron Private Wealth LLC made a similar move in the third quarter, investing approximately $33,000. Furthermore, Farther Finance Advisors LLC boosted its ownership by 123.2% in the third quarter, raising their total to 721 shares valued at $40,000, after acquiring an additional 398 shares during that period. Presently, institutional investors own 90.01% of Smartsheet's stock.

Smartsheet's Stock Trends

On Monday, Smartsheet's stock (NYSE: SMAR) opened at $56.07. The company has recorded a 12-month low of $35.52 and a high of $56.55. The 50-day moving average for the stock sits at $55.93, while the 200-day moving average is at $49.63.

Recent Earnings Overview

On September 5th, Smartsheet reported its latest earnings results. The company announced earnings per share (EPS) of $0.44 for the quarter, surpassing analysts' predictions of $0.29 by $0.15. Despite a negative net margin of 0.80%, Smartsheet achieved a return on equity of 2.33%. Revenue for the quarter reached $276.41 million, slightly exceeding analysts' expectations of $274.23 million. In the same quarter last year, the EPS was reported at -$0.23. Year-over-year, quarterly revenue increased by 17.3%. Analysts project that Smartsheet will post earnings of -$0.05 for the current fiscal year.

During the same earnings report, Smartsheet's board approved a significant stock buyback program, allowing for the repurchase of up to $150 million in shares. This program enables the company to buy back as much as 2.1% of its shares through open market transactions. Such repurchase strategies often suggest that company leadership views the stock as undervalued.

Analyst Insights on Smartsheet

Various research analysts have recently provided insights regarding Smartsheet's stock. For instance, JPMorgan Chase & Co. reaffirmed a "neutral" rating, adjusting their price target for the shares to $56.50, down from $60.00, in a report dated September 24th. Additionally, BMO Capital Markets maintained a "market perform" rating while also setting a price objective of $56.50, reduced from $59.00, one day later. William Blair reiterated a "market perform" rating in another report released on the same day. Royal Bank of Canada and UBS Group also issued "sector perform" and "neutral" ratings, respectively, both with a price objective of $56.50. Interestingly, while one research analyst assigned a "sell" rating, seventeen hold and two buy ratings have been given to the stock, leading to a consensus rating of "Hold" with an average price target of $55.82.

Insider Activity at Smartsheet

On the insider trading front, key company personnel have been selling shares. For instance, insider Jolene Lau Marshall sold 3,571 shares on September 13th at an average price of $50.59, totaling around $180,656.89. Following this transaction, she held 13,529 shares valued at approximately $684,432.11, marking a 20.88% reduction in her holdings. Additionally, CEO Mark Patrick Mader sold 20,000 shares on September 19th, valued at around $1,035,600 at an average price of $51.78. After this sale, he remained with 588,762 shares worth around $30,486,096.36, representing a 3.29% decrease in his ownership. Recent data reveals that insiders have offloaded 42,194 shares, amounting to $2,248,098 over the last ninety days, with company insiders holding about 4.52% of shares.

About Smartsheet Inc

Smartsheet, Inc. specializes in managing and automating collaborative work. The platform offers solutions aimed at eliminating barriers to information capture, leveraging a user-friendly spreadsheet interface and customizable forms. The company was founded by W. Eric Browne and others, establishing itself as a key player in the collaboration and project management sector.

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