Renaissance Technologies LLC Sells 181,000 Shares of Smartsheet Inc (NYSE:SMAR)

Renaissance Technologies LLC trimmed its position in Smartsheet Inc (NYSE:SMAR) by 18.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 821,600 shares of the company’s stock after selling 181,000 shares during the period. Renaissance Technologies LLC’s holdings in Smartsheet were worth $36,216,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Smartsheet in the fourth quarter valued at approximately $68,879,000. Swedbank AB bought a new position in shares of Smartsheet in the 1st quarter worth $38,388,000. Granahan Investment Management LLC grew its position in Smartsheet by 908.1% in the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after purchasing an additional 937,483 shares during the period. Panagora Asset Management Inc. bought a new stake in Smartsheet during the 2nd quarter valued at $21,254,000. Finally, Coronation Fund Managers Ltd. lifted its holdings in shares of Smartsheet by 44.2% in the first quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock valued at $59,683,000 after purchasing an additional 474,898 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Insider Activity at Smartsheet

In other news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, COO Stephen Robert Branstetter sold 1,847 shares of the firm’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 transaction, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the transaction, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,429 shares of company stock valued at $916,925. Insiders own 4.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. DA Davidson restated a “buy” rating and set a $55.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. Royal Bank of Canada boosted their price target on shares of Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a report on Friday, September 6th. Wells Fargo & Company upped their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, June 6th. Guggenheim boosted their target price on Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Morgan Stanley increased their price target on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.06.

Smartsheet Price Performance

SMAR stock opened at $51.64 on Thursday. The firm has a 50 day simple moving average of $48.30 and a two-hundred day simple moving average of $43.04. The stock has a market cap of $7.14 billion, a PE ratio of -83.29 and a beta of 0.74. Smartsheet Inc has a one year low of $35.52 and a one year high of $54.50.

Smartsheet (NYSE:SMAR) last released its 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. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same quarter in the previous year, the company posted ($0.23) EPS. Smartsheet’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, research analysts expect that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has initiated a stock buyback program 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 programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.