Melqart Asset Management UK Ltd Makes New $17.72 Million Investment in Smartsheet Inc (NYSE:SMAR)

Melqart Asset Management UK Ltd purchased a new stake in shares of Smartsheet Inc (NYSE:SMAR - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 320,013 shares of the company's stock, valued at approximately $17,716,000. Smartsheet makes up about 1.6% of Melqart Asset Management UK Ltd's investment portfolio, making the stock its 18th biggest position. Melqart Asset Management UK Ltd owned about 0.23% of Smartsheet as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of SMAR. Cetera Advisors LLC bought a new position in shares of Smartsheet during the 1st quarter valued at $219,000. CWM LLC grew its position in Smartsheet by 218.0% in the 2nd 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 acquired a new stake in Smartsheet in the 2nd quarter worth $320,000. Vanderbilt University grew its position in Smartsheet by 33.9% in the 2nd 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. grew its position in Smartsheet by 169.3% in the 2nd 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. Institutional investors own 90.01% of the company's stock.

Smartsheet Price Performance

NYSE SMAR traded up $0.07 on Wednesday, hitting $56.10. 2,984,153 shares of the stock were exchanged, compared to its average volume of 2,204,125. The business's fifty day moving average is $55.89 and its 200 day moving average is $49.33. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The company has a market capitalization of $7.80 billion, a PE ratio of -180.90 and a beta of 0.71.

Smartsheet (NYSE:SMAR - Get Free Report) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company's revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.23) earnings per share. Analysts predict that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has approved a stock repurchase program on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,205 shares of the firm's stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the sale, the insider now directly owns 18,695 shares in the company, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $56.05, for a total transaction of $280,250.00. Following the completion of the sale, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. The trade was a 0.86 % decrease in their ownership of the stock. 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. 4.52% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on SMAR shares. Wells Fargo & Company restated an "equal weight" rating and issued a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. Wolfe Research reiterated a "peer perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. Guggenheim lowered shares of Smartsheet from a "buy" rating to a "neutral" rating in a research report on Monday, November 11th. Canaccord Genuity Group reiterated a "hold" rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Canaccord Genuity Group lowered shares of Smartsheet from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $55.82.

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.