Jericho Capital Asset Management L.P. Makes New Investment in Smartsheet Inc (NYSE:SMAR)

Jericho Capital Asset Management L.P. bought a new position in Smartsheet Inc (NYSE:SMAR) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,130,000 shares of the company’s stock, valued at approximately $72,230,000. Smartsheet comprises 1.9% of Jericho Capital Asset Management L.P.’s holdings, making the stock its 26th largest holding. Jericho Capital Asset Management L.P. owned approximately 0.91% of Smartsheet at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Brown Capital Management LLC boosted its stake in shares of Smartsheet by 6.8% in the 1st quarter. Brown Capital Management LLC now owns 6,617,674 shares of the company’s stock worth $423,002,000 after buying an additional 419,089 shares during the last quarter. BlackRock Inc. lifted its stake in Smartsheet by 1.6% in the first quarter. BlackRock Inc. now owns 5,559,753 shares of the company’s stock valued at $355,380,000 after purchasing an additional 87,513 shares during the last quarter. Whale Rock Capital Management LLC lifted its stake in Smartsheet by 18.6% in the first quarter. Whale Rock Capital Management LLC now owns 3,584,619 shares of the company’s stock valued at $229,129,000 after purchasing an additional 563,301 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Smartsheet by 23.4% in the first quarter. Alliancebernstein L.P. now owns 2,812,714 shares of the company’s stock valued at $179,789,000 after purchasing an additional 533,424 shares during the last quarter. Finally, Foxhaven Asset Management LP lifted its stake in Smartsheet by 1.9% in the first quarter. Foxhaven Asset Management LP now owns 2,741,023 shares of the company’s stock valued at $175,206,000 after purchasing an additional 50,932 shares during the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.

NYSE SMAR traded up $0.92 during trading on Thursday, hitting $72.95. 3,939 shares of the company’s stock traded hands, compared to its average volume of 812,621. The business’s fifty day moving average price is $65.80. Smartsheet Inc has a 12-month low of $40.21 and a 12-month high of $85.43.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Tuesday, June 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.05. Smartsheet had a negative net margin of 29.79% and a negative return on equity of 22.90%. The business had revenue of $117.08 million during the quarter, compared to analyst estimates of $114.76 million. During the same period in the prior year, the business posted ($0.11) earnings per share. The company’s revenue was up 37.0% on a year-over-year basis. Equities analysts expect that Smartsheet Inc will post -1.37 earnings per share for the current year.

A number of equities research analysts have issued reports on the stock. DA Davidson reissued a “neutral” rating on shares of Smartsheet in a report on Wednesday, May 5th. Wolfe Research started coverage on shares of Smartsheet in a report on Wednesday, April 28th. They issued an “outperform” rating and a $75.00 price target on the stock. Royal Bank of Canada cut shares of Smartsheet from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $80.00 to $65.00 in a report on Friday, June 11th. Jefferies Financial Group upped their price target on shares of Smartsheet from $60.00 to $65.00 and gave the stock a “hold” rating in a report on Thursday, June 3rd. Finally, Zacks Investment Research raised shares of Smartsheet from a “sell” rating to a “hold” rating in a report on Wednesday, May 19th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Smartsheet presently has an average rating of “Buy” and an average target price of $75.81.

In other news, CFO Pete Godbole bought 1,400 shares of the company’s stock in a transaction dated Tuesday, July 6th. The stock was bought at an average cost of $76.10 per share, for a total transaction of $106,540.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Michael Arntz sold 7,500 shares of the stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $64.86, for a total transaction of $486,450.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 322,015 shares of company stock valued at $21,394,438. Company insiders own 6.07% of the company’s stock.

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.

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Institutional Ownership by Quarter for Smartsheet (NYSE:SMAR)

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