Cinctive Capital Management LP Acquires Shares of 150,300 Smartsheet Inc (NYSE:SMAR)

Cinctive Capital Management LP bought a new position in shares of Smartsheet Inc (NYSE:SMAR) in the 3rd quarter, Holdings Channel reports. The fund bought 150,300 shares of the company’s stock, valued at approximately $8,321,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new position in Smartsheet during the third quarter worth about $28,000. Raleigh Capital Management Inc. purchased a new stake in shares of Smartsheet during the 3rd quarter worth approximately $31,000. International Assets Investment Management LLC purchased a new stake in Smartsheet during the second quarter worth $25,000. Waldron Private Wealth LLC acquired a new stake in Smartsheet in the 3rd quarter valued at about $33,000. Finally, Versant Capital Management Inc purchased a new position in Smartsheet during the 2nd quarter valued at about $31,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was 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 of the company’s stock, valued at $30,486,096.36. The trade was a 3.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. The trade was a 2.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on SMAR. Royal Bank of Canada restated a “sector perform” rating and set a $56.50 price objective on shares of Smartsheet in a research report on Thursday, October 24th. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Jefferies Financial Group reissued a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Citigroup reaffirmed a “neutral” rating and issued a $56.50 price objective (down previously from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. Finally, Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Smartsheet currently has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Trading Down 0.1 %

Shares of NYSE SMAR opened at $55.95 on Monday. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55. The company has a market cap of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74. The stock has a fifty day moving average price of $55.80 and a 200 day moving average price of $49.13.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. Smartsheet’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.23) EPS. On average, sell-side analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has initiated a stock buyback plan on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management 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.