Tokio Marine Asset Management Co. Ltd. Acquires New Holdings in Smartsheet Inc (NYSE:SMAR)

Tokio Marine Asset Management Co. Ltd. bought a new position in shares of Smartsheet Inc (NYSE:SMAR - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 141,400 shares of the company's stock, valued at approximately $7,828,000. Tokio Marine Asset Management Co. Ltd. owned 0.10% of Smartsheet at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of SMAR. Vanguard Group Inc. lifted its position in shares of Smartsheet by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company's stock worth $531,655,000 after purchasing an additional 225,390 shares during the period. Eminence Capital LP boosted its position in Smartsheet by 9.2% during the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company's stock valued at $187,399,000 after acquiring an additional 358,988 shares during the last quarter. RGM Capital LLC grew its holdings in Smartsheet by 7.6% during the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company's stock worth $98,023,000 after acquiring an additional 156,817 shares during the period. Marshall Wace LLP raised its position in shares of 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 in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of 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 during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

Smartsheet Stock Performance

NYSE SMAR traded up $0.01 during trading hours on Thursday, hitting $55.87. The company had a trading volume of 2,214,235 shares, compared to its average volume of 2,206,247. The firm has a market capitalization of $7.76 billion, a price-to-earnings ratio of -180.23 and a beta of 0.74. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The firm has a 50 day simple moving average of $54.72 and a 200 day simple moving average of $47.66.

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 analysts' consensus estimates 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 company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the business earned ($0.23) earnings per share. Smartsheet's revenue was up 17.3% compared to the same quarter last year. On average, research analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current 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 buy up to 2.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Activity

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the business's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the sale, the insider now owns 13,529 shares in the company, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company's stock in a transaction on Monday, September 16th. The shares were 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 $3,403,395. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,989 shares of company stock worth $2,068,874. 4.52% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SMAR shares. Royal Bank of Canada reiterated a "sector perform" rating and issued a $56.50 target price on shares of Smartsheet in a report on Thursday, October 24th. William Blair reissued a "market perform" rating on shares of Smartsheet in a research note on Wednesday, September 25th. UBS Group reiterated a "neutral" rating and set a $56.50 price objective (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Barclays boosted their target price on Smartsheet from $50.00 to $56.50 and gave the company an "equal weight" rating in a research report on Wednesday, September 25th. Finally, Citigroup reiterated a "neutral" rating and issued a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $55.82.

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.