Wolverine Asset Management LLC Makes New Investment in Smartsheet Inc (NYSE:SMAR)

Wolverine Asset Management LLC acquired a new stake in shares of Smartsheet Inc (NYSE:SMAR - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 10,400 shares of the company's stock, valued at approximately $576,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Swedbank AB acquired a new stake in Smartsheet during the 1st quarter worth about $38,388,000. AQR Capital Management LLC grew its position in shares of Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company's stock valued at $58,844,000 after acquiring an additional 881,004 shares during the period. Engaged Capital LLC acquired a new stake in shares of Smartsheet during the 2nd quarter valued at about $29,600,000. Marshall Wace LLP grew its position in shares of 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 acquiring an additional 533,278 shares during the period. Finally, Panagora Asset Management Inc. acquired a new stake in shares of Smartsheet during the 2nd quarter valued at about $21,254,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SMAR shares. DA Davidson reaffirmed a "neutral" rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. William Blair reiterated a "market perform" rating on shares of Smartsheet in a report on Wednesday, September 25th. Jefferies Financial Group reiterated a "hold" rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Canaccord Genuity Group downgraded shares of Smartsheet from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 25th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $57.00 target price 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. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $55.82.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,571 shares of the firm's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the transaction, the insider now owns 13,529 shares of the company's stock, valued at approximately $684,432.11. This trade represents a 20.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. The trade was a 3.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 38,989 shares of company stock valued at $2,068,874. Company insiders own 4.52% of the company's stock.

Smartsheet Trading Up 0.0 %

Smartsheet stock traded up $0.01 during midday trading on Thursday, reaching $55.87. 2,214,235 shares of the stock traded hands, compared to its average volume of 2,206,247. The firm has a fifty day moving average price of $54.72 and a two-hundred day moving average price of $47.66. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of -180.23 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 released its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million for 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 firm's revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.23) earnings per share. Analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has approved a share buyback program on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are usually 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.