Sand Grove Capital Management LLP Takes $15.85 Million Position in Smartsheet Inc (NYSE:SMAR)

Sand Grove Capital Management LLP acquired a new position in shares of Smartsheet Inc (NYSE:SMAR - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 286,305 shares of the company's stock, valued at approximately $15,850,000. Smartsheet accounts for 6.2% of Sand Grove Capital Management LLP's portfolio, making the stock its 9th largest position. Sand Grove Capital Management LLP owned about 0.21% of Smartsheet at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC raised its position in Smartsheet by 188.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company's stock valued at $58,844,000 after purchasing an additional 881,004 shares in the last quarter. Citigroup Inc. lifted its stake in shares of Smartsheet by 2,767.1% in the 3rd quarter. Citigroup Inc. now owns 823,501 shares of the company's stock worth $45,589,000 after acquiring an additional 794,779 shares during the period. Polar Asset Management Partners Inc. acquired a new stake in shares of Smartsheet during the 3rd quarter valued at approximately $39,029,000. Engaged Capital LLC purchased a new stake in Smartsheet in the 2nd quarter valued at approximately $29,600,000. Finally, Marshall Wace LLP grew its stake in Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company's stock worth $80,931,000 after acquiring an additional 533,278 shares during the period. Hedge funds and other institutional investors own 90.01% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on SMAR. Canaccord Genuity Group reiterated a "hold" rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. JPMorgan Chase & Co. restated 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. Guggenheim downgraded shares of Smartsheet from a "buy" rating to a "neutral" rating in a research note on Monday, November 11th. Wolfe Research reaffirmed a "peer perform" rating on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Jefferies Financial Group reissued a "hold" rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $55.82.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the business's stock in a transaction on 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 $684,432.11. The trade was a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction on Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the sale, the chief executive officer now owns 578,762 shares of the company's stock, valued at approximately $32,439,610.10. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,194 shares of company stock worth $2,248,098 in the last quarter. Corporate insiders own 4.52% of the company's stock.

Smartsheet Price Performance

Shares of SMAR traded down $0.03 during mid-day trading on Thursday, hitting $56.07. The stock had a trading volume of 1,737,817 shares, compared to its average volume of 2,201,258. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The firm has a market cap of $7.79 billion, a P/E ratio of -180.96 and a beta of 0.71. The business has a fifty day moving average price of $55.90 and a 200-day moving average price of $49.37.

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, topping analysts' consensus estimates of $0.29 by $0.15. The firm had revenue of $276.41 million during 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 business's quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.23) EPS. As a group, research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its board has approved a share repurchase plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board 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.