XTX Topco Ltd Invests $1.75 Million in Smartsheet Inc (NYSE:SMAR)

XTX Topco Ltd bought a new position in shares of Smartsheet Inc (NYSE:SMAR) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 39,704 shares of the company’s stock, valued at approximately $1,750,000.

Other institutional investors also recently bought and sold shares of the company. Sei Investments Co. boosted its holdings in shares of Smartsheet by 20.3% during the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after purchasing an additional 24,823 shares during the last quarter. Norges Bank purchased a new stake in shares of Smartsheet in the fourth quarter worth about $68,879,000. CWM LLC boosted its stake in Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after buying an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC bought a new position in Smartsheet during the first quarter valued at approximately $1,512,000. Finally, Alberta Investment Management Corp purchased a new position in Smartsheet during the 4th quarter valued at approximately $1,219,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet 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 completion of the sale, the chief operating officer now directly owns 63,795 shares in the company, valued at $2,833,773.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the transaction, the chief operating officer now owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following 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 have sold a total of 19,429 shares of company stock valued at $916,925 over the last quarter. 4.52% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. DA Davidson reaffirmed a “buy” rating and set a $55.00 price objective on shares of Smartsheet in a report on Friday, September 6th. Morgan Stanley upped their price target on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Royal Bank of Canada increased their price objective on shares of Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a research report on Friday, September 6th. Truist Financial boosted their target price on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, BMO Capital Markets increased their price target on shares of Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.06.

Smartsheet Stock Performance

SMAR opened at $50.83 on Friday. The stock’s 50 day moving average price is $48.45 and its 200-day moving average price is $43.10. Smartsheet Inc has a one year low of $35.52 and a one year high of $54.50. The stock has a market cap of $7.06 billion, a price-to-earnings ratio of -81.98 and a beta of 0.74.

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

Smartsheet declared that its Board of Directors has authorized a stock buyback program on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.