Anson Funds Management LP Acquires 10,000 Shares in Smartsheet Inc (NYSE:SMAR)

During the third quarter, Anson Funds Management LP initiated a new investment in Smartsheet Inc (NYSE:SMAR - Free Report) by purchasing 10,000 shares, which were valued at approximately $554,000, as outlined in their recent Form 13F filing with the SEC.

• Why Smartsheet Could Be a Smart Investment

In recent months, several other significant investors have also made moves to buy or sell shares of Smartsheet stock. For instance, International Assets Investment Management LLC acquired a new stake during the second quarter worth about $25,000. In the third quarter, Brooklyn Investment Group invested approximately $28,000 in Smartsheet, while Raleigh Capital Management Inc. and Waldron Private Wealth LLC invested about $31,000 and $33,000, respectively, during the same period. Additionally, First Horizon Advisors Inc. increased its stake by 37.5% during the second quarter, bringing its total to 894 shares valued at $39,000 after adding 244 shares in the last quarter. Institutional and hedge funds now own approximately 90.01% of the company's stock.

Smartsheet Stock Overview

On Friday, Smartsheet shares opened at $56.07. The company's market capitalization stands at $7.79 billion, with a P/E ratio of -934.50 and a beta of 0.71. The 50-day moving average price of the stock is $55.93, while the 200-day moving average price is $49.57. Over the past year, Smartsheet's stock has seen a low of $35.52 and a high of $56.55.

• Strong Growth and Buybacks Expected for Smartsheet

Smartsheet (NYSE:SMAR - Get Free Report) announced its earnings results on Thursday, September 5th. The company reported earnings per share (EPS) of $0.44, surpassing market expectations of $0.29 by $0.15. The revenue for the quarter was reported at $276.41 million, which also exceeded the consensus estimate of $274.23 million. Despite having a negative net margin of 4.07% and a negative return on equity of 4.29%, Smartsheet's quarterly revenue marked a 17.3% increase compared to the same quarter the previous year. In the same quarter last year, the company reported an EPS of ($0.23). Analysts project that Smartsheet Inc will post an EPS of -0.05 for the current fiscal year.

Moreover, on the same day as their earnings release, Smartsheet's board approved a stock buyback program, allowing the company to repurchase shares worth up to $150.00 million, permitting the repurchase of about 2.1% of its shares through open market transactions. Such buyback programs often suggest that a company's management believes its shares are undervalued.

Updated Analyst Ratings and Price Targets

• Is Smartsheet Stock a Hidden Gem?

Various analysts have provided updates on Smartsheet shares. Truist Financial reaffirmed a "hold" rating and adjusted the price target to $56.50 from $60.00 in a report published on September 25th. Similarly, UBS Group also maintained a "neutral" rating with a $56.50 target (previously $61.00) in a report dated September 26th. Meanwhile, Royal Bank of Canada reiterated a "sector perform" rating with a $56.50 price target on October 24th. Needham & Company LLC and Jefferies Financial Group both reiterated a "hold" rating, setting a target price of $56.50 (down from $60.00 and $60.00, respectively). One analyst has rated the stock as a sell, while 17 have issued hold ratings and two have categorized it as a buy. Current consensus ranking indicates a "Hold" with a target price averaging $55.82.

Recent Insider Transactions

Insider Activity

In related news, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet on November 15, with a total transaction value of $179,223.60 based on an average price of $55.92 per share. This sale decreased her stake in the company to approximately 18,695 shares valued at around $1,045,424.40. CEO Mark Patrick Mader also sold 20,000 shares on September 19 for $1,035,600, bringing his ownership down to 588,762 shares, which are now valued at roughly $30,486,096.36. Over the past ninety days, insiders have sold a total of 42,194 shares valued at approximately $2,248,098, with corporate insiders owning about 4.52% of the company stock.

About Smartsheet

Smartsheet, Inc is a company focused on managing and automating collaborative work. It provides a platform that offers solutions to streamline information capture through an easy-to-use spreadsheet interface along with customizable forms. Founded by W. Eric Browne, Maria Colacurcio, and John D., Smartsheet is designed to simplify collaborative efforts in various work environments.

Conclusion

Investors are looking at Smartsheet with interest, especially in light of its potential growth and recent stock buyback program. The company's strong earnings performance, despite some challenges, suggests that it may present valuable opportunities for savvy investors.

investment, shares, buyback