Magnetar Financial LLC Has $503,000 Holdings in Smartsheet Inc (NYSE:SMAR)

Magnetar Financial LLC decreased its position in shares of Smartsheet Inc (NYSE:SMAR) by 25.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,405 shares of the company’s stock after selling 3,839 shares during the period. Magnetar Financial LLC’s holdings in Smartsheet were worth $503,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new position in Smartsheet during the 2nd quarter worth $25,000. Versant Capital Management Inc acquired a new position in Smartsheet during the 2nd quarter worth $31,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet during the 1st quarter worth $29,000. First Horizon Advisors Inc. lifted its position in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd acquired a new position in Smartsheet during the 1st quarter worth $35,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insiders Place Their Bets

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, 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 Securities & Exchange Commission, which is available through this link. In other news, CEO Mark Patrick Mader sold 20,000 shares of the company’s 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 transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 owns 64,215 shares in the company, valued at $3,403,395. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,429 shares of company stock valued at $1,952,525. 4.52% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on SMAR shares. Canaccord Genuity Group boosted their target price on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Citigroup upped their price objective on shares of Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, September 6th. BMO Capital Markets upped their price objective on shares of Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a research report on Friday, September 6th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a research report on Tuesday. Finally, DA Davidson reaffirmed a “neutral” rating and set a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $56.32.

Smartsheet Price Performance

NYSE SMAR opened at $55.46 on Wednesday. The company’s 50-day simple moving average is $48.97 and its 200 day simple moving average is $43.35. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $55.56.

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

Smartsheet declared that its Board of Directors has initiated a share buyback program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs 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.