CIBC Asset Management Inc Buys New Stake in Smartsheet Inc (NYSE:SMAR)

CIBC Asset Management Inc bought a new position in shares of Smartsheet Inc (NYSE:SMAR) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 4,015 shares of the company’s stock, valued at approximately $222,000.

A number of other hedge funds also recently bought and sold shares of the company. Swedbank AB bought a new stake in shares of Smartsheet in the first quarter valued at approximately $38,388,000. AQR Capital Management LLC boosted its holdings in Smartsheet by 188.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after purchasing an additional 881,004 shares during the period. Engaged Capital LLC acquired a new stake in Smartsheet in the 2nd quarter worth $29,600,000. Marshall Wace LLP increased its holdings 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 worth $80,931,000 after purchasing an additional 533,278 shares during the period. Finally, Panagora Asset Management Inc. acquired a new position in shares of Smartsheet during the second quarter valued at about $21,254,000. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Stock Performance

Shares of NYSE:SMAR opened at $56.16 on Friday. The business has a fifty day moving average of $55.36 and a 200-day moving average of $48.44. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The firm has a market cap of $7.80 billion, a PE ratio of -181.16 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.23) earnings per share. On average, analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

Insider Transactions at Smartsheet

In other Smartsheet 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 sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The trade was a 3.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jolene Lau Marshall sold 3,205 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the transaction, the insider now directly owns 18,695 shares in the company, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,194 shares of company stock worth $2,248,098 over the last 90 days. 4.52% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SMAR shares. William Blair restated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. UBS Group restated a “neutral” rating and set a $56.50 price objective (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. BMO Capital Markets reiterated a “market perform” rating and set a $56.50 price target (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Canaccord Genuity Group lowered shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Finally, DA Davidson reaffirmed 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. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Smartsheet presently has a consensus rating of “Hold” and an average price target of $55.82.

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.