Valinor Management L.P. Makes New Investment in Smartsheet Inc (NYSE:SMAR)

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Valinor Management L.P. bought a new stake in shares of Smartsheet Inc (NYSE:SMAR) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 502,300 shares of the company’s stock, valued at approximately $24,311,000. Smartsheet accounts for 1.5% of Valinor Management L.P.’s investment portfolio, making the stock its 23rd biggest position. Valinor Management L.P. owned 0.47% of Smartsheet at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BNP Paribas Arbitrage SA lifted its position in Smartsheet by 240.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 660 shares of the company’s stock worth $27,000 after buying an additional 466 shares in the last quarter. Optimum Investment Advisors acquired a new position in shares of Smartsheet in the first quarter worth $41,000. Meadow Creek Investment Management LLC raised its holdings in shares of Smartsheet by 76.9% during the second quarter. Meadow Creek Investment Management LLC now owns 1,840 shares of the company’s stock worth $89,000 after acquiring an additional 800 shares in the last quarter. Evolution Wealth Advisors LLC purchased a new stake in shares of Smartsheet during the second quarter worth $93,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Smartsheet during the second quarter valued at $111,000. Institutional investors own 80.26% of the company’s stock.

In other news, CEO Mark Patrick Mader sold 40,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $46.82, for a total value of $1,872,800.00. Following the sale, the chief executive officer now directly owns 32,503 shares of the company’s stock, valued at $1,521,790.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Jennifer Ceran sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.92, for a total value of $998,400.00. Following the completion of the sale, the chief financial officer now directly owns 22,393 shares in the company, valued at $1,117,858.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,915,761 shares of company stock valued at $478,190,355. Corporate insiders own 24.73% of the company’s stock.

Smartsheet stock traded down $0.95 during mid-day trading on Monday, hitting $39.36. 4,943,010 shares of the company’s stock were exchanged, compared to its average volume of 1,580,888. Smartsheet Inc has a 1-year low of $20.34 and a 1-year high of $55.79. The stock has a 50 day moving average of $49.88 and a two-hundred day moving average of $44.81. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29. The stock has a market cap of $4.65 billion, a P/E ratio of -63.48 and a beta of 2.04.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.09. The company had revenue of $64.64 million during the quarter, compared to the consensus estimate of $63.55 million. Smartsheet had a negative return on equity of 38.43% and a negative net margin of 30.10%. The firm’s revenue was up 52.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.08) EPS. As a group, research analysts predict that Smartsheet Inc will post -0.93 EPS for the current fiscal year.

A number of research analysts have commented on SMAR shares. Zacks Investment Research downgraded Smartsheet from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $62.00 price target on shares of Smartsheet in a report on Friday, August 30th. JPMorgan Chase & Co. boosted their price target on Smartsheet from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective (up previously from $45.00) on shares of Smartsheet in a report on Thursday, July 11th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $53.42.

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.

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Institutional Ownership by Quarter for Smartsheet (NYSE:SMAR)

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