Verition Fund Management LLC Raises Position in Smartsheet Inc (NYSE:SMAR)

Verition Fund Management LLC boosted its position in shares of Smartsheet Inc (NYSE:SMAR) by 1,149.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 322,103 shares of the company’s stock after buying an additional 296,314 shares during the period. Verition Fund Management LLC’s holdings in Smartsheet were worth $17,832,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of SMAR. CWM LLC raised its position in shares of Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after buying an additional 13,621 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Smartsheet by 169.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock valued at $4,605,000 after acquiring an additional 65,670 shares during the last quarter. Bailard Inc. purchased a new position in Smartsheet in the 2nd quarter worth approximately $3,435,000. Harbor Capital Advisors Inc. lifted its stake in Smartsheet by 94.6% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company’s stock worth $3,050,000 after purchasing an additional 33,640 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of Smartsheet during the 2nd quarter worth approximately $3,274,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Trading Down 0.1 %

Shares of NYSE SMAR opened at $55.95 on Friday. The stock has a market capitalization of $7.77 billion, a PE ratio of -180.48 and a beta of 0.74. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The stock has a fifty day simple moving average of $55.80 and a 200-day simple moving average of $49.02.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.23) EPS. On average, equities analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms recently commented on SMAR. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Wells Fargo & Company reissued an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. Jefferies Financial Group restated a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating and set a $57.00 target price on shares of Smartsheet in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $55.82.

Insider Activity at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. This represents a 3.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 13,529 shares in the company, valued at approximately $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,194 shares of company stock worth $2,248,098. Corporate insiders own 4.52% of the company’s stock.

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.