Anson Funds Management LP Buys New Position in Smartsheet Inc (NYSE:SMAR)

Anson Funds Management LP bought a new stake in Smartsheet Inc (NYSE:SMAR - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 10,000 shares of the company's stock, valued at approximately $554,000.

A number of other hedge funds have also modified their holdings of SMAR. AQR Capital Management LLC grew its stake in Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company's stock valued at $58,844,000 after acquiring an additional 881,004 shares in the last quarter. Citigroup Inc. grew its position in shares of Smartsheet by 2,767.1% in the third quarter. Citigroup Inc. now owns 823,501 shares of the company's stock valued at $45,589,000 after purchasing an additional 794,779 shares in the last quarter. Polar Asset Management Partners Inc. purchased a new stake in shares of Smartsheet in the third quarter valued at approximately $39,029,000. Engaged Capital LLC acquired a new stake in shares of Smartsheet in the second quarter valued at approximately $29,600,000. Finally, Marshall Wace LLP lifted its position in Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company's stock worth $80,931,000 after buying an additional 533,278 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Smartsheet Trading Down 0.1 %

Smartsheet stock traded down $0.05 during midday trading on Friday, reaching $56.07. 2,220,134 shares of the stock traded hands, compared to its average volume of 2,360,816. The firm has a market cap of $7.79 billion, a PE ratio of -934.50 and a beta of 0.71. The company has a 50-day simple moving average of $55.93 and a two-hundred day simple moving average of $49.63. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55.

Smartsheet (NYSE:SMAR - Get Free Report) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm had revenue of $276.41 million during the quarter, compared to analysts' expectations of $274.23 million. During the same quarter in the previous year, the business posted ($0.23) earnings per share. The business's quarterly revenue was up 17.3% compared to the same quarter last year. Equities research analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has authorized a share repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

SMAR has been the subject of several analyst reports. Wolfe Research restated a "peer perform" rating on shares of Smartsheet in a report on Wednesday, September 25th. 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. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $57.00 target price on shares of Smartsheet in a research note on Tuesday, September 24th. Jefferies Financial Group reissued a "hold" rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Citigroup reaffirmed a "neutral" rating and set a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Smartsheet currently has an average rating of "Hold" and an average target price of $55.82.

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,205 shares of the business's stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the transaction, the insider now directly owns 18,695 shares of the company's stock, valued at approximately $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,194 shares of company stock worth $2,248,098 over the last 90 days. Corporate insiders own 4.52% of the company's stock.

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.