Healthcare of Ontario Pension Plan Trust Fund Takes $1.66 Million Position in Smartsheet Inc (NYSE:SMAR)

Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Smartsheet Inc (NYSE:SMAR) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 29,966 shares of the company’s stock, valued at approximately $1,659,000.

Several other large investors have also recently added to or reduced their stakes in SMAR. AQR Capital Management LLC boosted its position in shares of Smartsheet by 188.0% in the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after buying an additional 881,004 shares during the period. Citigroup Inc. boosted its holdings in Smartsheet by 2,767.1% in the 3rd quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock worth $45,589,000 after acquiring an additional 794,779 shares during the period. Engaged Capital LLC acquired a new stake in Smartsheet in the second quarter valued at approximately $29,600,000. Marshall Wace LLP raised its stake in shares of Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after purchasing an additional 533,278 shares during the period. Finally, Alpine Associates Management Inc. acquired a new position in shares of Smartsheet during the third quarter worth $28,029,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Smartsheet Price Performance

Shares of NYSE SMAR opened at $55.95 on Monday. The firm has a market capitalization of $7.77 billion, a PE ratio of -180.48 and a beta of 0.74. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The business’s fifty day moving average price is $55.80 and its two-hundred day moving average price is $49.13.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the firm posted ($0.23) EPS. Smartsheet’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

SMAR has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “hold” rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. Truist Financial reiterated a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. UBS Group restated a “neutral” rating and set a $56.50 price objective (down previously from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. One research 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 has a consensus rating of “Hold” and a consensus target price of $55.82.

Insider Transactions at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the sale, the insider now directly owns 13,529 shares in the company, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. This trade represents a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,194 shares of company stock worth $2,248,098. 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.