AQR Capital Management LLC Has $58.84 Million Stock Holdings in Smartsheet Inc (NYSE:SMAR)

AQR Capital Management LLC boosted its position in Smartsheet Inc (NYSE:SMAR) by 188.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,349,639 shares of the company’s stock after acquiring an additional 881,004 shares during the quarter. AQR Capital Management LLC’s holdings in Smartsheet were worth $58,844,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Swedbank AB bought a new position in shares of Smartsheet in the 1st quarter valued at $38,388,000. Granahan Investment Management LLC grew its position in Smartsheet by 908.1% in the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after acquiring an additional 937,483 shares during the last quarter. Marshall Wace LLP raised its stake in Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after acquiring an additional 533,278 shares in the last quarter. Panagora Asset Management Inc. bought a new position in shares of Smartsheet in the second quarter worth about $21,254,000. Finally, Coronation Fund Managers Ltd. boosted its stake in shares of Smartsheet by 44.2% in the 1st 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 currently owned by institutional investors.

Insider Transactions at Smartsheet

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at $3,403,395. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The disclosure for this sale can be found here. Insiders sold a total of 35,157 shares of company stock valued at $1,762,763 in the last quarter. 4.52% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SMAR shares. BMO Capital Markets reissued a “market perform” rating and issued a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday. Wells Fargo & Company reissued an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday. Barclays upped their target price on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a report on Wednesday. Jefferies Financial 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 Tuesday. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, Smartsheet currently has an average rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Up 0.0 %

SMAR stock opened at $55.34 on Friday. The firm has a market cap of $7.66 billion, a price-to-earnings ratio of -89.25 and a beta of 0.74. The company’s fifty day simple moving average is $49.32 and its 200 day simple moving average is $43.52. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $55.60.

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

Smartsheet declared that its board has authorized a share repurchase plan on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management 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.