First Trust Advisors LP boosted its position in Smartsheet Inc (NYSE:SMAR) by 624.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,747,273 shares of the company’s stock after buying an additional 3,230,070 shares during the quarter. First Trust Advisors LP owned approximately 3.21% of Smartsheet worth $135,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Meadow Creek Investment Management LLC lifted its position in Smartsheet by 76.9% in the second quarter. Meadow Creek Investment Management LLC now owns 1,840 shares of the company’s stock valued at $89,000 after purchasing an additional 800 shares during the last quarter. Evolution Wealth Advisors LLC bought a new stake in Smartsheet in the second quarter valued at approximately $93,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Smartsheet in the second quarter valued at approximately $111,000. Systematic Financial Management LP bought a new stake in Smartsheet in the second quarter valued at approximately $118,000. Finally, Neuburgh Advisers LLC lifted its position in Smartsheet by 76.9% in the second quarter. Neuburgh Advisers LLC now owns 2,530 shares of the company’s stock valued at $122,000 after purchasing an additional 1,100 shares during the last quarter. 73.29% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on SMAR. Wedbush reiterated an “outperform” rating and issued a $62.00 price objective on shares of Smartsheet in a research report on Wednesday, October 2nd. Oppenheimer lowered their price objective on Smartsheet from $58.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective (up previously from $45.00) on shares of Smartsheet in a research report on Thursday, July 11th. Berenberg Bank assumed coverage on Smartsheet in a research report on Thursday, October 10th. They issued a “buy” rating and a $48.00 price objective for the company. Finally, Jefferies Financial Group restated a “buy” rating and set a $52.00 target price on shares of Smartsheet in a report on Tuesday, October 8th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Smartsheet presently has an average rating of “Buy” and a consensus target price of $51.62.
Shares of NYSE SMAR traded up $1.95 during trading on Friday, reaching $39.75. The company had a trading volume of 874,881 shares, compared to its average volume of 1,808,242. Smartsheet Inc has a 12-month low of $20.34 and a 12-month high of $55.79. The stock has a market cap of $4.49 billion, a PE ratio of -64.11 and a beta of 1.95. The business’s 50-day moving average is $38.78 and its 200 day moving average is $44.56. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.08.
Smartsheet (NYSE:SMAR) last released its earnings results on Wednesday, September 4th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.09. Smartsheet had a negative return on equity of 24.74% and a negative net margin of 30.10%. The firm had revenue of $64.64 million for the quarter, compared to analysts’ expectations of $63.55 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The company’s quarterly revenue was up 52.5% on a year-over-year basis. On average, analysts anticipate that Smartsheet Inc will post -0.92 earnings per share for the current year.
In related news, Director Geoffrey T. Barker sold 15,900 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $39.40, for a total transaction of $626,460.00. Also, CEO Mark Patrick Mader sold 40,000 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $38.52, for a total value of $1,540,800.00. Over the last three months, insiders sold 813,172 shares of company stock worth $33,719,498. Insiders own 24.73% of the company’s stock.
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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