Polar Asset Management Partners Inc. Makes New $39.03 Million Investment in Smartsheet Inc (NYSE:SMAR)

Polar Asset Management Partners Inc. bought a new position in shares of Smartsheet Inc (NYSE:SMAR) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 705,000 shares of the company’s stock, valued at approximately $39,029,000. Smartsheet accounts for approximately 0.8% of Polar Asset Management Partners Inc.’s investment portfolio, making the stock its 20th largest holding. Polar Asset Management Partners Inc. owned 0.51% of Smartsheet as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. CWM LLC grew its stake in Smartsheet by 218.0% during the 2nd 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. increased its holdings in shares of Smartsheet by 169.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock worth $4,605,000 after acquiring an additional 65,670 shares during the period. Bailard Inc. acquired a new stake in shares of Smartsheet in the 2nd quarter worth about $3,435,000. Verition Fund Management LLC grew its position in Smartsheet by 1,149.0% in the 3rd quarter. Verition Fund Management LLC now owns 322,103 shares of the company’s stock worth $17,832,000 after purchasing an additional 296,314 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Smartsheet in the second quarter valued at approximately $3,274,000. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the transaction, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $56.05, for a total value of $280,250.00. Following the transaction, the chief executive officer now directly owns 578,762 shares in the company, valued at approximately $32,439,610.10. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,194 shares of company stock worth $2,248,098. Insiders own 4.52% of the company’s stock.

Smartsheet Price Performance

NYSE SMAR opened at $56.02 on Wednesday. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of -180.70 and a beta of 0.71. The company has a 50 day simple moving average of $55.89 and a 200-day simple moving average of $49.33. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55.

Smartsheet (NYSE:SMAR) last posted its quarterly 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 business had revenue of $276.41 million for 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%. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.23) earnings per share. On average, analysts predict that Smartsheet Inc will post -0.05 EPS for the current year.

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wells Fargo & Company reissued an “equal weight” rating and issued a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Jefferies Financial Group restated a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Truist Financial reiterated a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Morgan Stanley boosted their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Smartsheet currently has an average rating of “Hold” and an average target price 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.