Y Intercept Hong Kong Ltd Reduces Holdings in Smartsheet Inc (NYSE:SMAR)

Y Intercept Hong Kong Ltd lowered its stake in shares of Smartsheet Inc (NYSE:SMAR) by 67.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,174 shares of the company’s stock after selling 10,570 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Smartsheet were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. AQR Capital Management LLC grew its position in shares of Smartsheet by 188.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after buying an additional 881,004 shares during the period. Citigroup Inc. boosted its stake in Smartsheet by 2,767.1% during the third quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock worth $45,589,000 after acquiring an additional 794,779 shares in the last quarter. Polar Asset Management Partners Inc. purchased a new stake in Smartsheet in the third quarter worth about $39,029,000. Engaged Capital LLC purchased a new stake in shares of Smartsheet in the 2nd quarter worth approximately $29,600,000. Finally, Marshall Wace LLP increased its holdings in shares of Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after acquiring an additional 533,278 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,205 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $55.92, for a total transaction of $179,223.60. Following the sale, the insider now directly owns 18,695 shares of the company’s stock, valued at $1,045,424.40. This trade represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total value of $276,750.00. Following the sale, the chief executive officer now owns 583,762 shares of the company’s stock, valued at $32,311,226.70. This represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,692 shares of company stock worth $4,762,909. 4.52% of the stock is owned by company insiders.

Analyst Ratings Changes

SMAR has been the topic of a number of analyst reports. Canaccord Genuity Group reiterated a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. BMO Capital Markets reissued a “market perform” rating and issued a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. Truist Financial reaffirmed a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $56.50 target price on shares of Smartsheet in a research report on Thursday, October 24th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Performance

Shares of Smartsheet stock opened at $55.96 on Wednesday. The stock’s fifty day moving average is $56.01 and its 200 day moving average is $50.47. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55. The stock has a market cap of $7.83 billion, a P/E ratio of -932.67, a P/E/G ratio of 82.24 and a beta of 0.71.

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