Anson Funds Management LP Buys New Shares in Smartsheet Inc (NYSE:SMAR)

Anson Funds Management LP bought a new stake in shares of Smartsheet Inc (NYSE:SMAR) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 10,000 shares of the company’s stock, valued at approximately $554,000.

Several other large investors have also recently bought and sold shares of the stock. AQR Capital Management LLC raised its stake in shares of Smartsheet by 188.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after buying an additional 881,004 shares in the last quarter. Citigroup Inc. raised its stake in shares of Smartsheet by 2,767.1% in the 3rd quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock valued at $45,589,000 after buying an additional 794,779 shares in the last quarter. Polar Asset Management Partners Inc. acquired a new position in shares of Smartsheet in the 3rd quarter valued at $39,029,000. Engaged Capital LLC acquired a new position in shares of Smartsheet in the 2nd quarter valued at $29,600,000. Finally, Marshall Wace LLP raised its stake in shares of Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after buying an additional 533,278 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SMAR has been the subject of a number of recent analyst reports. DA Davidson reiterated a “neutral” rating and set a $56.50 target price (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Jefferies Financial Group reiterated 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, September 24th. Truist Financial reiterated a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Smartsheet in a report on Friday. One equities 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $55.82.

Insider Activity at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet 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 completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction on Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the transaction, the chief executive officer now directly owns 578,762 shares of the company’s stock, valued at approximately $32,439,610.10. This trade represents a 0.86 % 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 valued at $2,248,098. 4.52% of the stock is owned by corporate insiders.

Smartsheet Stock Performance

Shares of SMAR stock opened at $56.07 on Friday. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The company has a market capitalization of $7.79 billion, a P/E ratio of -934.50 and a beta of 0.71. The company’s 50 day moving average price is $55.93 and its two-hundred day moving average price is $49.57.

Smartsheet (NYSE:SMAR) last posted 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. 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 for the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the company earned ($0.23) earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. Analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has initiated a share buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is 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.