Renaissance Technologies LLC Has $36.22 Million Position in Smartsheet Inc (NYSE:SMAR)

Renaissance Technologies LLC lessened its holdings in Smartsheet Inc (NYSE:SMAR) by 18.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 821,600 shares of the company’s stock after selling 181,000 shares during the period. Renaissance Technologies LLC owned about 0.59% of Smartsheet worth $36,216,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Smartsheet by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after purchasing an additional 225,390 shares during the last quarter. Dorsal Capital Management LP lifted its position in shares of Smartsheet by 4.0% in the fourth quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock worth $154,220,000 after buying an additional 125,000 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in shares of Smartsheet by 9.0% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,706,943 shares of the company’s stock worth $129,446,000 after acquiring an additional 224,513 shares in the last quarter. Coronation Fund Managers Ltd. increased its holdings in shares of Smartsheet by 44.2% during the 1st quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock valued at $59,683,000 after acquiring an additional 474,898 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Smartsheet in the 4th quarter valued at approximately $68,879,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Trading Down 0.3 %

NYSE:SMAR opened at $51.64 on Thursday. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $54.50. The stock has a market cap of $7.14 billion, a P/E ratio of -83.29 and a beta of 0.74. The stock has a 50 day simple moving average of $48.30 and a 200 day simple moving average of $43.04.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The business 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 quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.23) earnings per share. As a group, sell-side analysts forecast that Smartsheet Inc will post -0.05 EPS for the current year.

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

Insider Buying and Selling at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction of $189,762.24. Following the sale, the chief operating officer now owns 63,795 shares of the company’s stock, valued at $2,833,773.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the sale, the chief operating officer now owns 63,795 shares in the company, valued at approximately $2,833,773.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,429 shares of company stock valued at $916,925. 4.52% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SMAR has been the topic of a number of recent analyst reports. UBS Group lifted their price target on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Royal Bank of Canada boosted their target price on shares of Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a research report on Friday, September 6th. BMO Capital Markets raised their price target on Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a research report on Friday, September 6th. Citigroup boosted their price objective on Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Guggenheim raised their target price on Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.06.

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.