Varenne Capital Partners Buys New Position in Smartsheet Inc (NYSE:SMAR)

Varenne Capital Partners purchased a new position in shares of Smartsheet Inc (NYSE:SMAR) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 47,157 shares of the company’s stock, valued at approximately $2,642,000. Smartsheet comprises 0.8% of Varenne Capital Partners’ investment portfolio, making the stock its 14th biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SMAR. Arrowstreet Capital Limited Partnership boosted its position in shares of Smartsheet by 57.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 286,486 shares of the company’s stock valued at $16,052,000 after purchasing an additional 104,840 shares in the last quarter. Gardner Lewis Asset Management L P bought a new position in shares of Smartsheet during the 4th quarter worth approximately $14,579,000. Pictet Asset Management Holding SA increased its stake in shares of Smartsheet by 15.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 18,745 shares of the company’s stock valued at $1,050,000 after acquiring an additional 2,445 shares in the last quarter. Norges Bank acquired a new position in shares of Smartsheet during the 4th quarter valued at $25,662,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Smartsheet by 47.8% during the 4th quarter. JPMorgan Chase & Co. now owns 2,054,433 shares of the company’s stock valued at $115,110,000 after acquiring an additional 664,871 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Performance

NYSE SMAR opened at $56.47 on Friday. The business has a fifty day simple moving average of $56.47 and a 200 day simple moving average of $55.87. Smartsheet Inc has a 12 month low of $36.27 and a 12 month high of $56.55. The firm has a market capitalization of $7.91 billion, a P/E ratio of -941.17, a PEG ratio of 82.90 and a beta of 0.71.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of Smartsheet in a research note on Friday, December 6th. Sixteen research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $57.00.

Insider Activity

In other news, CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $56.07, for a total transaction of $280,350.00. Following the completion of the sale, the chief executive officer now directly owns 619,515 shares of the company’s stock, valued at $34,736,206.05. This trade represents a 0.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 2,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.18, for a total transaction of $112,360.00. Following the completion of the transaction, the insider now directly owns 17,739 shares in the company, valued at $996,577.02. This trade represents a 10.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.52% of the stock is currently owned by corporate insiders.

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.