XTX Topco Ltd Acquires New Position in Smartsheet Inc (NYSE:SMAR)

XTX Topco Ltd bought a new position in Smartsheet Inc (NYSE:SMAR) in the second quarter, according to its most recent filing with the SEC. The firm bought 39,704 shares of the company’s stock, valued at approximately $1,750,000.

Several other large investors also recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new position in shares of Smartsheet in the second quarter worth $25,000. Banque Cantonale Vaudoise purchased a new stake in shares of Smartsheet during the first quarter valued at $29,000. Versant Capital Management Inc acquired a new position in shares of Smartsheet in the 2nd quarter valued at $31,000. Plato Investment Management Ltd purchased a new position in Smartsheet in the 1st quarter worth $35,000. Finally, First Horizon Advisors Inc. lifted its position in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

SMAR has been the topic of a number of research reports. Needham & Company LLC reissued a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a report on Friday, September 6th. BMO Capital Markets increased their price target on shares of Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday, September 6th. Royal Bank of Canada lifted their price objective on shares of Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a research note on Friday, September 6th. DA Davidson reiterated a “buy” rating and issued a $55.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. Finally, Morgan Stanley raised their target price on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $55.06.

Smartsheet Stock Down 1.6 %

NYSE:SMAR opened at $50.83 on Friday. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $54.50. The stock’s 50-day moving average price is $48.45 and its 200-day moving average price is $43.10. The stock has a market capitalization of $7.06 billion, a PE ratio of -81.98 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate 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%. Smartsheet’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period last year, the company earned ($0.23) earnings per share. Sell-side analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its Board of Directors has approved a share buyback plan 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the sale, the insider now owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at $2,965,968. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,429 shares of company stock worth $916,925. Company insiders own 4.52% of the company’s stock.

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.