Atom Investors LP Makes New Investment in Smartsheet Inc (NYSE:SMAR)

Atom Investors LP acquired a new stake in shares of Smartsheet Inc (NYSE:SMAR) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 6,780 shares of the company’s stock, valued at approximately $375,000.

Other institutional investors also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new stake in shares of Smartsheet during the 3rd quarter valued at $28,000. Raleigh Capital Management Inc. purchased a new stake in shares of Smartsheet during the 3rd quarter valued at $31,000. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet during the 2nd quarter valued at $25,000. Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet during the 3rd quarter valued at $33,000. Finally, Farther Finance Advisors LLC grew its stake in shares of Smartsheet by 123.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock valued at $40,000 after buying an additional 398 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Smartsheet Stock Performance

Shares of Smartsheet stock opened at $56.10 on Thursday. The firm has a market cap of $7.80 billion, a PE ratio of -180.97 and a beta of 0.71. The firm’s 50-day simple moving average is $55.90 and its 200-day simple moving average is $49.37. Smartsheet Inc has a 1 year low of $35.52 and a 1 year 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, beating analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million for the quarter, compared to analyst estimates 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 for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.23) EPS. On average, equities analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has authorized a share repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated 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 $30,486,096.36. This represents a 3.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,194 shares of company stock worth $2,248,098. 4.52% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SMAR has been the subject of several research reports. Truist Financial reissued a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. BMO Capital Markets reaffirmed a “market perform” rating and set a $56.50 price target (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, UBS Group reaffirmed a “neutral” rating and set a $56.50 price target (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently 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.