Smartsheet Inc (NYSE:SMAR) is EVR Research LP’s 2nd Largest Position

EVR Research LP boosted its position in shares of Smartsheet Inc (NYSE:SMAR) by 64.6% in the second quarter, Holdings Channel reports. The fund owned 790,000 shares of the company’s stock after purchasing an additional 310,000 shares during the quarter. Smartsheet comprises 10.4% of EVR Research LP’s investment portfolio, making the stock its 2nd biggest holding. EVR Research LP’s holdings in Smartsheet were worth $34,823,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC bought a new stake in Smartsheet during the second quarter valued at about $25,000. Versant Capital Management Inc bought a new stake in Smartsheet during the second quarter valued at about $31,000. Banque Cantonale Vaudoise bought a new stake in Smartsheet during the first quarter valued at about $29,000. First Horizon Advisors Inc. grew its holdings in Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during the period. Finally, Plato Investment Management Ltd bought a new position in shares of Smartsheet in the first quarter worth about $35,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Stock Performance

SMAR opened at $55.37 on Thursday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $55.60. The company has a fifty day moving average of $49.17 and a two-hundred day moving average of $43.43. The stock has a market capitalization of $7.69 billion, a price-to-earnings ratio of -89.30 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the previous year, the company earned ($0.23) earnings per share. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, equities research analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has authorized a stock repurchase plan on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on SMAR shares. Royal Bank of Canada upped their price objective on Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a research note on Wednesday. UBS Group upped their price objective on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Tuesday. Canaccord Genuity Group reissued a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Wednesday. Finally, BMO Capital Markets reissued a “market perform” rating and set a $56.50 price target (down from $59.00) on shares of Smartsheet in a research note on Wednesday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Smartsheet currently has an average rating of “Hold” and a consensus target price of $56.47.

Insider Transactions at Smartsheet

In other 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of the business’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 owns 13,529 shares in the company, valued at $684,432.11. The disclosure for this sale can be found here. Insiders sold 39,429 shares of company stock valued at $1,952,525 over the last 90 days. Corporate insiders own 4.52% of the company’s stock.

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.