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

HGC Investment Management Inc. purchased a new position in shares of Smartsheet Inc (NYSE:SMAR) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 200,000 shares of the company’s stock, valued at approximately $11,072,000. Smartsheet makes up about 4.7% of HGC Investment Management Inc.’s investment portfolio, making the stock its 8th largest position.

Other hedge funds also recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new position in shares of Smartsheet during the third quarter worth $28,000. Raleigh Capital Management Inc. bought a new stake in Smartsheet in the 3rd quarter valued at about $31,000. International Assets Investment Management LLC bought a new stake in shares of Smartsheet in the 2nd quarter worth approximately $25,000. Waldron Private Wealth LLC acquired a new stake in Smartsheet in the third quarter valued at approximately $33,000. Finally, Versant Capital Management Inc purchased a new position in Smartsheet in the 2nd quarter worth $31,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SMAR shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. William Blair restated a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Canaccord Genuity Group lowered Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $55.82.

Insider Transactions at Smartsheet

In other news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. This represents a 3.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the sale, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,194 shares of company stock worth $2,248,098 in the last 90 days. Insiders own 4.52% of the company’s stock.

Smartsheet Stock Performance

Shares of SMAR opened at $56.08 on Tuesday. The stock has a fifty day moving average price of $55.88 and a 200 day moving average price of $49.23. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55.

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

Smartsheet declared that its board has authorized a stock buyback program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.