Point72 DIFC Ltd Cuts Stock Position in Smartsheet Inc (NYSE:SMAR)

Point72 DIFC Ltd decreased its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 50.2% during the second quarter, Holdings Channel.com reports. The firm owned 16,381 shares of the company’s stock after selling 16,485 shares during the period. Point72 DIFC Ltd’s holdings in Smartsheet were worth $722,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the business. International Assets Investment Management LLC bought a new stake in shares of Smartsheet in the 2nd quarter worth about $25,000. Banque Cantonale Vaudoise bought a new stake in Smartsheet during the first quarter worth approximately $29,000. Versant Capital Management Inc purchased a new stake in Smartsheet during the second quarter valued at approximately $31,000. Plato Investment Management Ltd bought a new stake in shares of Smartsheet in the 1st quarter valued at approximately $35,000. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the period. Institutional investors own 90.01% of the company’s stock.

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the 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 directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $44.42, for a total transaction of $189,762.24. Following the completion of the transaction, the chief operating officer now directly owns 63,795 shares in the company, valued at approximately $2,833,773.90. The disclosure for this sale can be found here. In the last three months, insiders sold 39,429 shares of company stock valued at $1,952,525. Corporate insiders own 4.52% of the company’s stock.

Smartsheet Price Performance

Shares of Smartsheet stock opened at $55.37 on Thursday. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $55.60. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of -89.30 and a beta of 0.74. The firm’s 50-day moving average is $49.17 and its two-hundred day moving average is $43.43.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.15. The company 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%. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. During the same period last year, the company posted ($0.23) earnings per share. On average, equities analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has authorized a share buyback program on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SMAR shares. UBS Group increased their price target on Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Royal Bank of Canada increased their target price on shares of Smartsheet from $51.00 to $56.50 and gave the company a “sector perform” rating in a research note on Wednesday. Morgan Stanley lifted their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a research report on Wednesday. Finally, Jefferies Financial Group restated 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. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $56.47.

Smartsheet Company 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.