360,500 Shares in Smartsheet Inc (NYSE:SMAR) Bought by Readystate Asset Management LP

Readystate Asset Management LP bought a new position in Smartsheet Inc (NYSE:SMAR - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 360,500 shares of the company's stock, valued at approximately $19,957,000. Smartsheet makes up approximately 0.4% of Readystate Asset Management LP's investment portfolio, making the stock its 28th largest position. Readystate Asset Management LP owned 0.26% of Smartsheet at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Polar Asset Management Partners Inc. bought a new stake in Smartsheet during the third quarter valued at approximately $39,029,000. Maven Securities LTD bought a new stake in shares of Smartsheet in the 3rd quarter worth approximately $3,875,000. Melqart Asset Management UK Ltd bought a new stake in shares of Smartsheet in the 3rd quarter worth approximately $17,716,000. Janus Henderson Group PLC lifted its holdings in shares of Smartsheet by 11.3% in the 3rd quarter. Janus Henderson Group PLC now owns 63,284 shares of the company's stock worth $3,502,000 after acquiring an additional 6,407 shares during the last quarter. Finally, HGC Investment Management Inc. bought a new stake in shares of Smartsheet in the 3rd quarter worth approximately $11,072,000. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Stock Up 0.0 %

SMAR traded up $0.01 during midday trading on Thursday, hitting $56.11. 959,658 shares of the company traded hands, compared to its average volume of 2,198,623. The firm has a market capitalization of $7.80 billion, a PE ratio of -180.96 and a beta of 0.71. The company's 50-day moving average is $55.90 and its 200 day moving average is $49.37. 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 posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts' expectations of $274.23 million. During the same quarter in the prior year, the business earned ($0.23) EPS. The business's revenue for the quarter was up 17.3% compared to the same quarter last year. On average, sell-side analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its Board of Directors has initiated a share repurchase plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently commented on SMAR. Canaccord Genuity Group reaffirmed a "hold" rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Guggenheim downgraded shares of Smartsheet from a "buy" rating to a "neutral" rating in a research note on Monday, November 11th. Citigroup reaffirmed a "neutral" rating and issued a $56.50 target price (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Truist Financial reaffirmed a "hold" rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. 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 MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $55.82.

Insider Activity

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the 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 completion of the sale, the chief operating officer now directly owns 64,215 shares of the company's stock, valued at approximately $3,403,395. This represents a 2.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the sale, the insider now directly owns 13,529 shares of the company's stock, valued at $684,432.11. This represents a 20.88 % 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 in the last quarter. 4.52% of the stock is currently owned by insiders.

Smartsheet Company 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.