Cinctive Capital Management LP Makes New Investment in Smartsheet Inc (NYSE:SMAR)

Cinctive Capital Management LP purchased a new stake in Smartsheet Inc (NYSE:SMAR) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 150,300 shares of the company’s stock, valued at approximately $8,321,000. Cinctive Capital Management LP owned approximately 0.11% of Smartsheet at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in SMAR. CWM LLC boosted its stake in Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Smartsheet by 169.3% in the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock valued at $4,605,000 after purchasing an additional 65,670 shares during the period. Bailard Inc. acquired a new stake in Smartsheet during the second quarter worth about $3,435,000. Harbor Capital Advisors Inc. increased its position in Smartsheet by 94.6% during the second 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 during the last quarter. Finally, Bank of Montreal Can purchased a new position in Smartsheet during the second quarter worth about $3,274,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Stock Down 0.1 %

Shares of SMAR stock opened at $55.95 on Monday. The firm has a 50 day moving average of $55.80 and a two-hundred day moving average of $49.13. 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 52 week low of $35.52 and a 52 week high of $56.55.

Smartsheet (NYSE:SMAR) last announced 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 business 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%. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.23) earnings per share. Analysts expect that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

Insider Buying and Selling

In other news, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $56.05, for a total transaction of $280,250.00. Following the completion of the sale, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. The trade was a 0.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction 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 transaction, the insider now owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their position. 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.

Wall Street Analysts Forecast Growth

SMAR has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $56.50 price target (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Citigroup reiterated a “neutral” rating and set a $56.50 price target (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $55.82.

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.