AQR Capital Management LLC Purchases 881,004 Shares of Smartsheet Inc (NYSE:SMAR)

AQR Capital Management LLC boosted its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 188.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,349,639 shares of the company’s stock after acquiring an additional 881,004 shares during the period. AQR Capital Management LLC owned approximately 0.98% of Smartsheet worth $58,844,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SMAR. PNC Financial Services Group Inc. lifted its holdings in shares of Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after purchasing an additional 402 shares in the last quarter. UBS Group AG boosted its holdings in shares of Smartsheet by 59.9% in the fourth quarter. UBS Group AG now owns 181,234 shares of the company’s stock valued at $8,667,000 after buying an additional 67,878 shares during the period. Advisory Services Network LLC increased its position in shares of Smartsheet by 21.5% during the fourth quarter. Advisory Services Network LLC now owns 6,682 shares of the company’s stock worth $320,000 after acquiring an additional 1,184 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Smartsheet by 69.2% during the fourth quarter. Allianz Asset Management GmbH now owns 132,482 shares of the company’s stock worth $6,335,000 after acquiring an additional 54,164 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in Smartsheet by 3.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 56,739 shares of the company’s stock valued at $2,713,000 after acquiring an additional 1,640 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SMAR. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Jefferies Financial Group reissued a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research report on Wednesday. Truist Financial reiterated a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Wednesday. Finally, Barclays increased their target price on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $55.82.

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s 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 in the company, valued at $714,203.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction 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 completion of the sale, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’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 completion of the sale, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,157 shares of company stock worth $1,762,763. Insiders own 4.52% of the company’s stock.

Smartsheet Stock Up 0.0 %

SMAR opened at $55.34 on Friday. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $55.60. The business has a 50 day moving average of $49.32 and a 200-day moving average of $43.52. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of -89.25 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The firm had revenue of $276.41 million during 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 revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.23) earnings per share. As a group, analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has initiated a stock repurchase 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 shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is 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.