Y Intercept Hong Kong Ltd Reduces Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Y Intercept Hong Kong Ltd lowered its stake in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 67.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,174 shares of the company's stock after selling 10,570 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Smartsheet were worth $286,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in Smartsheet in the 2nd quarter worth approximately $25,000. Brooklyn Investment Group bought a new position in shares of Smartsheet in the third quarter worth approximately $28,000. Raleigh Capital Management Inc. purchased a new position in shares of Smartsheet in the third quarter worth $31,000. Waldron Private Wealth LLC purchased a new position in shares of Smartsheet in the third quarter valued at about $33,000. Finally, First Horizon Advisors Inc. raised its position in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company's stock valued at $39,000 after purchasing an additional 244 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Mark Patrick Mader sold 47,916 shares of Smartsheet stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $55.96, for a total value of $2,681,379.36. Following the sale, the chief executive officer now directly owns 624,356 shares of the company's stock, valued at approximately $34,938,961.76. The trade was a 7.13 % 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, insider Jolene Lau Marshall sold 2,000 shares of the business's stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $55.99, for a total value of $111,980.00. Following the completion of the sale, the insider now owns 19,739 shares in the company, valued at $1,105,186.61. This represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,692 shares of company stock valued at $4,762,909. Corporate insiders own 4.52% of the company's stock.

Smartsheet Price Performance

Smartsheet stock remained flat at $55.96 during mid-day trading on Wednesday. 3,300,932 shares of the company traded hands, compared to its average volume of 2,233,139. The company has a 50 day moving average of $56.01 and a 200 day moving average of $50.47. The stock has a market cap of $7.83 billion, a price-to-earnings ratio of -932.67, a P/E/G ratio of 82.24 and a beta of 0.71. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55.

Smartsheet declared that its Board of Directors has approved a share repurchase program on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently issued reports on SMAR shares. Needham & Company LLC reissued a "hold" rating on shares of Smartsheet in a research report on Friday, December 6th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $56.50 price objective on shares of Smartsheet in a report on Thursday, October 24th. Wells Fargo & Company restated an "equal weight" rating and set a $57.00 target price on shares of Smartsheet in a report on Tuesday, September 24th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Morgan Stanley boosted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price 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.