Invenomic Capital Management LP Acquires 253,598 Shares of Smartsheet Inc (NYSE:SMAR)

Invenomic Capital Management LP lifted its holdings in Smartsheet Inc (NYSE:SMAR) by 80.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 569,528 shares of the company’s stock after acquiring an additional 253,598 shares during the quarter. Invenomic Capital Management LP owned 0.41% of Smartsheet worth $21,927,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Sei Investments Co. raised its holdings in 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 buying an additional 24,823 shares during the last quarter. Norges Bank bought a new stake in Smartsheet during the 4th quarter valued at $68,879,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Smartsheet by 256.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,522 shares of the company’s stock valued at $7,294,000 after buying an additional 109,786 shares during the last quarter. Capstone Investment Advisors LLC bought a new stake in Smartsheet during the 1st quarter valued at $1,512,000. Finally, Lecap Asset Management Ltd. bought a new stake in Smartsheet during the 4th quarter valued at $1,287,000. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the transaction, the chief operating officer now owns 61,791 shares in the company, valued at approximately $2,965,968. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the transaction, the chief operating officer now owns 61,791 shares in the company, valued at approximately $2,965,968. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Pete Godbole sold 5,202 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $41.92, for a total transaction of $218,067.84. Following the completion of the transaction, the chief financial officer now owns 44,346 shares in the company, valued at approximately $1,858,984.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,390 shares of company stock worth $1,484,631. Company insiders own 4.52% of the company’s stock.

Smartsheet Price Performance

SMAR stock traded down $0.84 during trading on Tuesday, hitting $47.39. 718,012 shares of the stock traded hands, compared to its average volume of 1,519,144. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $49.42. The firm’s 50 day moving average is $42.98 and its two-hundred day moving average is $42.04. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of -76.43 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Wednesday, June 5th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.06. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. The company had revenue of $262.98 million for the quarter, compared to the consensus estimate of $258.06 million. As a group, analysts anticipate that Smartsheet Inc will post -0.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SMAR has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of Smartsheet from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Thursday, June 6th. Barclays boosted their price objective on shares of Smartsheet from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, June 6th. UBS Group boosted their price objective on shares of Smartsheet from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Royal Bank of Canada boosted their price objective on shares of Smartsheet from $36.00 to $43.00 and gave the company a “sector perform” rating in a research report on Thursday, June 6th. Finally, Canaccord Genuity Group boosted their price objective on shares of Smartsheet from $45.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet presently has an average rating of “Moderate Buy” and a consensus price target of $52.00.

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.