55,761 Shares in Smartsheet Inc (NYSE:SMAR) Bought by ClearAlpha Technologies LP

ClearAlpha Technologies LP acquired a new position in Smartsheet Inc (NYSE:SMAR) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 55,761 shares of the company’s stock, valued at approximately $3,087,000. Smartsheet accounts for approximately 0.9% of ClearAlpha Technologies LP’s investment portfolio, making the stock its 22nd biggest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in shares of Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after purchasing an additional 881,004 shares during the last quarter. Citigroup Inc. lifted its holdings in Smartsheet by 2,767.1% during the 3rd quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock valued at $45,589,000 after buying an additional 794,779 shares in the last quarter. Engaged Capital LLC purchased a new stake in Smartsheet in the 2nd quarter valued at about $29,600,000. Marshall Wace LLP grew its stake in Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after acquiring an additional 533,278 shares in the last quarter. Finally, Alpine Associates Management Inc. purchased a new position in shares of Smartsheet during the third quarter worth approximately $28,029,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Smartsheet

In related news, CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the sale, the chief executive officer now directly owns 578,762 shares of the company’s stock, valued at $32,439,610.10. This trade represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,194 shares of company stock worth $2,248,098 over the last quarter. Insiders own 4.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Barclays increased their price target on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Needham & Company LLC restated a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Citigroup reiterated a “neutral” rating and set a $56.50 price objective (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Down 0.1 %

SMAR opened at $55.95 on Monday. The company has a market cap of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74. The firm’s 50-day moving average price is $55.80 and its 200-day moving average price is $49.13. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) 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 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 quarter last year, the business posted ($0.23) EPS. On average, research analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

Smartsheet Company 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.