Verition Fund Management LLC Acquires 296,314 Shares of Smartsheet Inc (NYSE:SMAR)

Verition Fund Management LLC boosted its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 1,149.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 322,103 shares of the company’s stock after buying an additional 296,314 shares during the quarter. Verition Fund Management LLC owned approximately 0.23% of Smartsheet worth $17,832,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of SMAR. US Bancorp DE lifted its position in shares of Smartsheet by 12.9% during the third quarter. US Bancorp DE now owns 1,749 shares of the company’s stock valued at $97,000 after buying an additional 200 shares during the last quarter. Landscape Capital Management L.L.C. raised its stake in shares of Smartsheet by 0.3% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock worth $4,596,000 after acquiring an additional 225 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Smartsheet by 25.5% during the third quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock valued at $62,000 after acquiring an additional 228 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Smartsheet by 2.4% in the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock valued at $639,000 after acquiring an additional 266 shares in the last quarter. Finally, Larson Financial Group LLC grew its holdings in Smartsheet by 2.1% in the third quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock worth $734,000 after purchasing an additional 277 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SMAR shares. Morgan Stanley increased their price objective on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Truist Financial reiterated a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Needham & Company LLC restated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $56.50 price objective on shares of Smartsheet in a research report on Thursday, October 24th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $55.82.

Smartsheet Stock Performance

Shares of SMAR opened at $55.95 on Friday. The business’s 50-day moving average is $55.80 and its two-hundred day moving average is $49.02. The company has a market capitalization of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the company earned ($0.23) earnings per share. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. Analysts forecast that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its Board of Directors has approved a stock repurchase program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Smartsheet

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