PointState Capital LP Acquires New Shares in Smartsheet Inc (NYSE:SMAR)
PointState Capital LP acquired a new stake in Smartsheet Inc (NYSE:SMAR) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 479,499 shares of the company’s stock, valued at approximately $23,208,000.
A number of other hedge funds have also added to or reduced their stakes in SMAR. 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 valued at $27,000 after acquiring an additional 466 shares in the last quarter. Meadow Creek Investment Management LLC lifted its position in Smartsheet by 76.9% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 1,840 shares of the company’s stock valued at $89,000 after acquiring an additional 800 shares in the last quarter. Evolution Wealth Advisors LLC bought a new position in Smartsheet in the 2nd quarter valued at approximately $93,000. Deutsche Bank AG lifted its position in Smartsheet by 290.0% in the 4th quarter. Deutsche Bank AG now owns 3,900 shares of the company’s stock valued at $96,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Smartsheet in the 2nd quarter valued at approximately $111,000. 80.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE SMAR traded down $0.57 during midday trading on Thursday, hitting $40.97. 2,824,806 shares of the stock traded hands, compared to its average volume of 2,375,089. The firm has a 50-day moving average of $46.92 and a two-hundred day moving average of $44.95. The firm has a market capitalization of $4.41 billion, a P/E ratio of -66.08 and a beta of 2.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.50 and a current ratio of 3.50. Smartsheet Inc has a one year low of $20.34 and a one year high of $55.79.
Several research firms have recently weighed in on SMAR. Wedbush reissued an “outperform” rating and set a $62.00 price target on shares of Smartsheet in a report on Friday, August 30th. Stephens reissued a “buy” rating and set a $55.00 price target on shares of Smartsheet in a report on Tuesday, September 10th. JPMorgan Chase & Co. increased their price target on Smartsheet from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Zacks Investment Research raised Smartsheet from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Wednesday, September 11th. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 price target (up from $45.00) on shares of Smartsheet in a report on Thursday, July 11th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $53.00.
In other news, insider Kara Hamilton sold 7,500 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $47.65, for a total value of $357,375.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jennifer Ceran sold 135,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $38.89, for a total value of $5,250,150.00. Insiders sold a total of 671,516 shares of company stock valued at $31,268,810 over the last 90 days. 24.73% of the stock is currently owned by company insiders.
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.
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