Westchester Capital Management LLC Makes New $24.77 Million Investment in Smartsheet Inc (NYSE:SMAR)

Westchester Capital Management LLC purchased a new position in shares of Smartsheet Inc (NYSE:SMAR) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 447,469 shares of the company’s stock, valued at approximately $24,772,000. Smartsheet makes up about 1.1% of Westchester Capital Management LLC’s holdings, making the stock its 22nd biggest holding. Westchester Capital Management LLC owned approximately 0.32% of Smartsheet at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. CWM LLC lifted its position in Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Smartsheet by 169.3% in the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock worth $4,605,000 after acquiring an additional 65,670 shares during the last quarter. Bailard Inc. purchased a new position in Smartsheet during the second quarter worth approximately $3,435,000. Harbor Capital Advisors Inc. boosted its holdings in shares of Smartsheet by 94.6% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company’s stock valued at $3,050,000 after purchasing an additional 33,640 shares during the last quarter. Finally, Bank of Montreal Can purchased a new stake in shares of Smartsheet during the 2nd quarter valued at $3,274,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SMAR. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $56.50 price objective on shares of Smartsheet in a research note on Thursday, October 24th. Morgan Stanley boosted their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. DA Davidson reiterated a “neutral” rating and set a $56.50 target price (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Jefferies Financial Group restated a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Truist Financial reiterated a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $55.82.

Insider Buying and Selling

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The trade was a 3.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total value of $180,656.89. Following the sale, the insider now directly owns 13,529 shares in the company, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,194 shares of company stock valued at $2,248,098. Insiders own 4.52% of the company’s stock.

Smartsheet Price Performance

Smartsheet stock opened at $55.95 on Friday. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The company has a fifty day moving average price of $55.80 and a two-hundred day moving average price of $49.02. The company has a market cap of $7.77 billion, a PE ratio of -180.48 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.29 by $0.15. The business had revenue of $276.41 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.23) EPS. Equities research analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.