Smartsheet Inc (NYSE:SMAR) Shares Purchased by Citigroup Inc.

Citigroup Inc. boosted its position in Smartsheet Inc (NYSE:SMAR) by 2,767.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 823,501 shares of the company’s stock after acquiring an additional 794,779 shares during the quarter. Citigroup Inc. owned 0.59% of Smartsheet worth $45,589,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB acquired a new stake in Smartsheet during the first quarter worth approximately $38,388,000. AQR Capital Management LLC raised its holdings in Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after purchasing an additional 881,004 shares in the last quarter. Engaged Capital LLC acquired a new stake in Smartsheet during the second quarter worth approximately $29,600,000. Marshall Wace LLP raised its holdings in Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after purchasing an additional 533,278 shares in the last quarter. Finally, Alpine Associates Management Inc. acquired a new stake in Smartsheet during the third quarter worth approximately $28,029,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

SMAR has been the topic of a number of research analyst reports. Jefferies Financial Group reissued a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. UBS Group reissued a “neutral” rating and set a $56.50 price objective (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Royal Bank of Canada restated a “sector perform” rating and set a $56.50 target price on shares of Smartsheet in a research report on Thursday, October 24th. Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $55.82.

Smartsheet Price Performance

SMAR opened at $56.15 on Monday. The business has a 50 day simple moving average of $55.36 and a 200-day simple moving average of $48.57. The stock has a market capitalization of $7.80 billion, a P/E ratio of -181.12 and a beta of 0.74. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results 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 company had revenue of $276.41 million during 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%. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the business posted ($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 of Directors has approved a share buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction on Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the sale, the insider now owns 18,695 shares of the company’s stock, valued at $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. This represents a 3.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,194 shares of company stock valued at $2,248,098. Corporate 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.