HGC Investment Management Inc. Makes New $11.07 Million Investment in Smartsheet Inc (NYSE:SMAR)

HGC Investment Management Inc. purchased a new position in Smartsheet Inc (NYSE:SMAR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 200,000 shares of the company’s stock, valued at approximately $11,072,000. Smartsheet accounts for about 4.7% of HGC Investment Management Inc.’s holdings, making the stock its 8th largest holding. HGC Investment Management Inc. owned 0.14% of Smartsheet as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Brooklyn Investment Group acquired a new stake in Smartsheet in the third quarter valued at $28,000. Raleigh Capital Management Inc. bought a new stake in Smartsheet during the third quarter worth approximately $31,000. International Assets Investment Management LLC purchased a new stake in Smartsheet in the 2nd quarter worth approximately $25,000. Waldron Private Wealth LLC acquired a new stake in Smartsheet in the 3rd quarter worth $33,000. Finally, Versant Capital Management Inc bought a new position in shares of Smartsheet in the second quarter worth about $31,000. 90.01% of the stock is currently owned by institutional investors.

Insider Transactions at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The trade was a 3.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The trade was a 2.80 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,194 shares of company stock worth $2,248,098. 4.52% of the stock is currently owned by insiders.

Smartsheet Price Performance

NYSE SMAR opened at $56.08 on Tuesday. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The business’s fifty day moving average is $55.88 and its 200 day moving average is $49.23.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the business posted ($0.23) earnings per share. Smartsheet’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have commented on SMAR shares. Royal Bank of Canada restated a “sector perform” rating and set a $56.50 price target on shares of Smartsheet in a research note on Thursday, October 24th. Morgan Stanley upped their price objective on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Jefferies Financial Group reiterated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. UBS Group reaffirmed a “neutral” rating and issued a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a report 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, Smartsheet currently has an average rating of “Hold” and a consensus price target of $55.82.

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.