Summit Global Investments purchased a new stake in shares of Smartsheet Inc (NYSE:SMAR – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,854 shares of the company’s stock, valued at approximately $224,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in shares of Smartsheet in the first quarter worth $29,000. Headlands Technologies LLC boosted its stake in shares of Smartsheet by 87,100.0% during the first quarter. Headlands Technologies LLC now owns 872 shares of the company’s stock valued at $42,000 after purchasing an additional 871 shares during the period. Center for Financial Planning Inc. purchased a new position in Smartsheet in the 1st quarter worth about $68,000. Pacer Advisors Inc. purchased a new stake in Smartsheet in the 2nd quarter valued at about $55,000. Finally, Gyon Technologies Capital Management LP bought a new stake in shares of Smartsheet during the fourth quarter valued at approximately $72,000. Hedge funds and other institutional investors own 88.99% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have commented on SMAR. 888 restated a “maintains” rating on shares of Smartsheet in a report on Monday, June 12th. Needham & Company LLC reiterated a “buy” rating and set a $57.00 target price on shares of Smartsheet in a report on Wednesday, September 20th. Barclays boosted their price target on shares of Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, September 8th. Truist Financial reissued a “buy” rating and set a $50.00 price objective on shares of Smartsheet in a report on Friday, September 22nd. Finally, Citigroup lifted their price target on Smartsheet from $49.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, September 8th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.53.
Insider Activity
In other Smartsheet news, CEO Mark Patrick Mader sold 21,120 shares of the firm’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $39.31, for a total transaction of $830,227.20. Following the transaction, the chief executive officer now directly owns 579,826 shares of the company’s stock, valued at approximately $22,792,960.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Smartsheet news, CRO Michael Arntz sold 921 shares of Smartsheet stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $40.04, for a total value of $36,876.84. Following the sale, the executive now owns 13,129 shares of the company’s stock, valued at approximately $525,685.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 21,120 shares of the stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $39.31, for a total value of $830,227.20. Following the transaction, the chief executive officer now directly owns 579,826 shares of the company’s stock, valued at $22,792,960.06. The disclosure for this sale can be found here. Insiders have sold 186,761 shares of company stock valued at $8,161,737 in the last ninety days. 4.71% of the stock is currently owned by company insiders.
Smartsheet Stock Up 1.0 %
Shares of SMAR opened at $40.46 on Monday. Smartsheet Inc has a 52-week low of $25.09 and a 52-week high of $52.81. The stock has a 50 day moving average price of $41.14 and a 200 day moving average price of $42.58. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of -36.12 and a beta of 0.96.
Smartsheet (NYSE:SMAR – Get Free Report) last issued its quarterly earnings data on Thursday, September 7th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.09. The company had revenue of $235.60 million for the quarter, compared to analyst estimates of $229.57 million. Smartsheet had a negative return on equity of 27.44% and a negative net margin of 16.84%. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.46) earnings per share. On average, equities analysts anticipate that Smartsheet Inc will post -1 EPS for the current fiscal year.
About Smartsheet
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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