Verition Fund Management LLC Has $17.83 Million Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Verition Fund Management LLC grew its holdings in Smartsheet Inc (NYSE:SMAR - Free Report) by 1,149.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 322,103 shares of the company's stock after acquiring an additional 296,314 shares during the period. Verition Fund Management LLC owned about 0.23% of Smartsheet worth $17,832,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in Smartsheet during the 2nd quarter valued at $25,000. Brooklyn Investment Group acquired a new stake in Smartsheet during the 3rd quarter valued at $28,000. Versant Capital Management Inc acquired a new stake in Smartsheet during the 2nd quarter valued at $31,000. Raleigh Capital Management Inc. acquired a new stake in Smartsheet during the 3rd quarter valued at $31,000. Finally, Waldron Private Wealth LLC acquired a new stake in Smartsheet during the 3rd quarter valued at $33,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Smartsheet Price Performance

Shares of SMAR traded down $0.05 during mid-day trading on Friday, hitting $55.95. The company's stock had a trading volume of 1,193,036 shares, compared to its average volume of 2,201,780. The firm has a 50-day moving average price of $55.80 and a 200 day moving average price of $49.07. The stock has a market capitalization of $7.77 billion, a price-to-earnings ratio of -180.48 and a beta of 0.74. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55.

Smartsheet (NYSE:SMAR - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $276.41 million for the quarter, compared to analysts' expectations 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 revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.23) EPS. As a group, equities analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has initiated a share buyback 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 usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SMAR. UBS Group reissued a "neutral" rating and set a $56.50 price objective (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Morgan Stanley raised their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. DA Davidson reissued a "neutral" rating and set a $56.50 price objective (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Citigroup reissued a "neutral" rating and set a $56.50 price objective (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. Finally, Guggenheim lowered shares of Smartsheet from a "buy" rating to a "neutral" rating in a report on Monday, November 11th. One investment 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's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $55.82.

Insider Transactions at Smartsheet

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the business's stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 64,215 shares of the company's stock, valued at approximately $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Mark Patrick Mader sold 5,000 shares of the business'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 transaction, the chief executive officer now directly owns 578,762 shares in the company, valued at $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. Insiders have sold a total of 42,194 shares of company stock valued at $2,248,098 over the last ninety days. Corporate insiders own 4.52% of the company's stock.

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.