Maven Securities LTD Makes New $3.88 Million Investment in Smartsheet Inc (NYSE:SMAR)

Maven Securities LTD acquired a new stake in Smartsheet Inc (NYSE:SMAR - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The fund acquired 70,000 shares of the company's stock, valued at approximately $3,875,000. Maven Securities LTD owned 0.05% of Smartsheet as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SMAR. Cetera Advisors LLC bought a new stake in shares of Smartsheet during the first quarter valued at about $219,000. CWM LLC increased its position in shares of Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company's stock worth $876,000 after purchasing an additional 13,621 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Smartsheet in the second quarter worth approximately $320,000. Vanderbilt University increased its position in shares of Smartsheet by 33.9% in the second quarter. Vanderbilt University now owns 84,891 shares of the company's stock worth $3,742,000 after purchasing an additional 21,503 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Smartsheet by 169.3% in the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company's stock worth $4,605,000 after purchasing an additional 65,670 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Royal Bank of Canada restated a "sector perform" rating and issued a $56.50 price objective on shares of Smartsheet in a research report on Thursday, October 24th. Citigroup restated a "neutral" rating and issued a $56.50 price objective (down from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Guggenheim lowered Smartsheet from a "buy" rating to a "neutral" rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $55.82.

Insiders Place Their Bets

In related news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet 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 of the company's stock, valued at approximately $3,403,395. This trade represents a 2.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the sale, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. This trade represents a 20.88 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,194 shares of company stock valued at $2,248,098. Insiders own 4.52% of the company's stock.

Smartsheet Stock Up 0.1 %

Shares of NYSE:SMAR traded up $0.07 on Wednesday, hitting $56.10. 2,984,153 shares of the company traded hands, compared to its average volume of 2,204,125. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The stock has a 50 day simple moving average of $55.89 and a 200-day simple moving average of $49.33. The company has a market cap of $7.80 billion, a PE ratio of -180.90 and a beta of 0.71.

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

Smartsheet announced that its Board of Directors has initiated a stock repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

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.