Caxton Associates LP Makes New Investment in Smartsheet Inc (NYSE:SMAR)

Caxton Associates LP bought a new stake in shares of Smartsheet Inc (NYSE:SMAR) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 8,678 shares of the company’s stock, valued at approximately $383,000.

A number of other institutional investors have also recently modified their holdings of the stock. Sei Investments Co. raised its stake in Smartsheet by 20.3% in the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after purchasing an additional 24,823 shares in the last quarter. CWM LLC increased its holdings in Smartsheet by 218.0% in the 2nd 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 period. Capstone Investment Advisors LLC acquired a new position in shares of Smartsheet in the 1st quarter valued at approximately $1,512,000. Alberta Investment Management Corp acquired a new position in shares of Smartsheet in the 4th quarter valued at approximately $1,219,000. Finally, Sirios Capital Management L P bought a new stake in shares of Smartsheet during the 4th quarter worth approximately $9,947,000. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday. Jefferies Financial Group reissued a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday. BMO Capital Markets reaffirmed a “market perform” rating and issued a $56.50 price objective (down from $59.00) on shares of Smartsheet in a research note on Wednesday. Truist Financial reissued a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Tuesday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Smartsheet has an average rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Up 0.0 %

Shares of NYSE:SMAR opened at $55.34 on Friday. The firm has a market cap of $7.66 billion, a P/E ratio of -89.25 and a beta of 0.74. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $55.60. The business has a fifty day simple moving average of $49.32 and a 200 day simple moving average of $43.52.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.23) earnings per share. As a group, equities research analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its Board of Directors has authorized a stock repurchase plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction 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 completion of the transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Jolene Lau Marshall sold 3,571 shares of the firm’s 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 owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction 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 completion of the sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,157 shares of company stock valued at $1,762,763. 4.52% of the stock is currently owned by insiders.

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.