Point72 DIFC Ltd Sells 16,485 Shares of Smartsheet Inc (NYSE:SMAR)

Point72 DIFC Ltd lessened its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 50.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,381 shares of the company’s stock after selling 16,485 shares during the period. Point72 DIFC Ltd’s holdings in Smartsheet were worth $722,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Sei Investments Co. boosted its stake in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after acquiring an additional 24,823 shares in the last quarter. CWM LLC increased its position in Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after buying an additional 13,621 shares in the last quarter. Capstone Investment Advisors LLC bought a new position in Smartsheet during the 1st quarter valued at approximately $1,512,000. Alberta Investment Management Corp purchased a new position in Smartsheet during the fourth quarter valued at $1,219,000. Finally, Sirios Capital Management L P bought a new stake in Smartsheet in the fourth quarter worth $9,947,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Smartsheet Stock Down 0.2 %

NYSE SMAR opened at $55.37 on Thursday. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $55.60. The company has a market capitalization of $7.69 billion, a P/E ratio of -89.30 and a beta of 0.74. The stock’s 50-day moving average price is $49.17 and its 200-day moving average price is $43.43.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate 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 net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. Research analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its board has approved a share repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Guggenheim lifted their price target on Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Jefferies Financial Group reiterated a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. UBS Group raised 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 price objective on shares of Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a report on Wednesday. Finally, Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Wednesday. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Smartsheet presently has a consensus rating of “Hold” and an average target price of $56.47.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was 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 $714,203.37. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Smartsheet news, 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 completion of the sale, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,429 shares of company stock valued at $1,952,525. Company insiders own 4.52% of the company’s stock.

Smartsheet Company 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.