Raymond James & Associates Sells 3,289 Shares of Smartsheet Inc (NYSE:SMAR)

Raymond James & Associates lessened its stake in shares of Smartsheet Inc (NYSE:SMAR) by 19.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,017 shares of the company’s stock after selling 3,289 shares during the period. Raymond James & Associates’ holdings in Smartsheet were worth $670,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legato Capital Management LLC grew its stake in shares of Smartsheet by 60.1% in the fourth quarter. Legato Capital Management LLC now owns 8,735 shares of the company’s stock worth $418,000 after acquiring an additional 3,279 shares during the last quarter. Moody National Bank Trust Division bought a new position in Smartsheet in the 4th quarter worth about $1,755,000. TCP Asset Management LLC purchased a new stake in Smartsheet during the 4th quarter valued at about $1,131,000. RAM Investment Partners LLC increased its stake in Smartsheet by 123.4% during the 4th quarter. RAM Investment Partners LLC now owns 12,377 shares of the company’s stock valued at $592,000 after purchasing an additional 6,836 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Smartsheet by 2.0% in the third quarter. Vanguard Group Inc. now owns 13,307,701 shares of the company’s stock worth $538,430,000 after buying an additional 261,836 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling

In other Smartsheet news, CFO Pete Godbole sold 10,129 shares of Smartsheet stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $38.67, for a total transaction of $391,688.43. Following the transaction, the chief financial officer now owns 44,346 shares of the company’s stock, valued at $1,714,859.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CRO Michael Arntz sold 7,572 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $44.81, for a total value of $339,301.32. Following the completion of the transaction, the executive now owns 7,148 shares of the company’s stock, valued at $320,301.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Pete Godbole sold 10,129 shares of Smartsheet stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $38.67, for a total value of $391,688.43. Following the sale, the chief financial officer now directly owns 44,346 shares in the company, valued at approximately $1,714,859.82. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,387 shares of company stock valued at $1,355,207. 4.71% of the stock is owned by corporate insiders.

Smartsheet Price Performance

Shares of Smartsheet stock opened at $38.36 on Thursday. The stock has a market capitalization of $5.27 billion, a PE ratio of -48.56 and a beta of 0.73. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $52.81. The company’s fifty day simple moving average is $39.95 and its 200-day simple moving average is $42.63.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.17. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. The business had revenue of $256.95 million during the quarter, compared to analyst estimates of $254.99 million. As a group, research analysts anticipate that Smartsheet Inc will post -0.43 EPS for the current year.

Analysts Set New Price Targets

SMAR has been the topic of a number of recent analyst reports. Citigroup upgraded shares of Smartsheet from a “neutral” rating to a “buy” rating and increased their price target for the company from $56.00 to $63.00 in a report on Thursday, January 11th. Oppenheimer cut their target price on Smartsheet from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Canaccord Genuity Group decreased their price target on Smartsheet from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, March 18th. Bank of America began coverage on Smartsheet in a research report on Monday, February 26th. They set an “underperform” rating and a $45.00 price objective on the stock. Finally, KeyCorp began coverage on Smartsheet in a report on Thursday, March 21st. They issued a “sector weight” rating for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.75.

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.