Quantinno Capital Management LP Boosts Stock Position in Smartsheet Inc (NYSE:SMAR)

Quantinno Capital Management LP increased its stake in Smartsheet Inc (NYSE:SMAR - Free Report) by 81.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,498 shares of the company's stock after acquiring an additional 39,858 shares during the period. Quantinno Capital Management LP owned about 0.06% of Smartsheet worth $4,899,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Barclays lifted their price objective on Smartsheet from $50.00 to $56.50 and gave the stock an "equal weight" rating in a research report on Wednesday, September 25th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Needham & Company LLC restated a "hold" rating on shares of Smartsheet in a report on Friday. Guggenheim lowered shares of Smartsheet from a "buy" rating to a "neutral" rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. One investment 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. Based on data from MarketBeat, Smartsheet presently has an average rating of "Hold" and an average target price of $55.82.

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the company's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the transaction, the insider now owns 13,529 shares in the company, valued at approximately $684,432.11. This represents a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 completion of the sale, the chief operating officer now owns 64,215 shares of the company's stock, valued at $3,403,395. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,194 shares of company stock valued at $2,248,098 over the last 90 days. Corporate insiders own 4.52% of the company's stock.

Smartsheet Stock Performance

Shares of SMAR traded down $0.05 during trading hours on Friday, hitting $56.07. The company had a trading volume of 2,220,134 shares, compared to its average volume of 2,360,816. The stock has a market capitalization of $7.79 billion, a price-to-earnings ratio of -934.50 and a beta of 0.71. The firm has a fifty day moving average price of $55.93 and a 200-day moving average price of $49.57. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55.

Smartsheet (NYSE:SMAR - Get Free Report) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $276.41 million during the quarter, compared to analysts' expectations of $274.23 million. During the same period in the previous year, the company earned ($0.23) earnings per share. The business's revenue for the quarter was up 17.3% compared to the same quarter last year. Research analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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