Invenomic Capital Management LP Boosts Position in Smartsheet Inc (NYSE:SMAR)

Invenomic Capital Management LP increased its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 80.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 569,528 shares of the company’s stock after purchasing an additional 253,598 shares during the quarter. Invenomic Capital Management LP’s holdings in Smartsheet were worth $21,927,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SMAR. McGlone Suttner Wealth Management Inc. acquired a new position in Smartsheet during the fourth quarter worth approximately $33,000. Allworth Financial LP increased its position in Smartsheet by 2,503.4% during the fourth quarter. Allworth Financial LP now owns 755 shares of the company’s stock worth $36,000 after buying an additional 726 shares during the period. Banque Cantonale Vaudoise acquired a new position in Smartsheet during the first quarter worth approximately $29,000. Advisors Asset Management Inc. increased its position in Smartsheet by 24.6% during the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after buying an additional 360 shares during the period. Finally, EntryPoint Capital LLC increased its position in Smartsheet by 51.0% during the first quarter. EntryPoint Capital LLC now owns 2,432 shares of the company’s stock worth $94,000 after buying an additional 821 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Stock Down 1.7 %

SMAR stock traded down $0.84 on Tuesday, reaching $47.39. 718,012 shares of the company’s stock were exchanged, compared to its average volume of 1,519,144. The stock has a fifty day moving average of $42.98 and a 200-day moving average of $42.04. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $49.42. The firm has a market cap of $6.56 billion, a PE 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) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. The firm had revenue of $262.98 million for the quarter, compared to analyst estimates of $258.06 million. On average, equities research analysts predict that Smartsheet Inc will post -0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at $2,965,968. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Pete Godbole sold 7,500 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $43.54, for a total value of $326,550.00. Following the sale, the chief financial officer now directly owns 36,846 shares in the company, valued at $1,604,274.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Stephen Robert Branstetter sold 2,004 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the sale, the chief operating officer now owns 61,791 shares in the company, valued at $2,965,968. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,390 shares of company stock worth $1,484,631. 4.52% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on SMAR shares. Royal Bank of Canada lifted their price target on Smartsheet from $36.00 to $43.00 and gave the stock a “sector perform” rating in a research report on Thursday, June 6th. BMO Capital Markets boosted their target price on Smartsheet from $42.00 to $48.00 and gave the company an “outperform” rating in a report on Thursday, June 6th. Needham & Company LLC reissued a “buy” rating and issued a $57.00 target price on shares of Smartsheet in a report on Thursday, June 6th. Guggenheim reissued a “buy” rating and issued a $56.00 target price on shares of Smartsheet in a report on Tuesday, June 25th. Finally, Wells Fargo & Company boosted their target price on Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.00.

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.