Envestnet Asset Management Inc. increased its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 39.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,362 shares of the company’s stock after purchasing an additional 5,464 shares during the period. Envestnet Asset Management Inc.’s holdings in Smartsheet were worth $1,400,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in SMAR. Dorsey Asset Management LLC raised its position in Smartsheet by 111.4% in the 1st quarter. Dorsey Asset Management LLC now owns 2,720,798 shares of the company’s stock valued at $173,913,000 after buying an additional 1,433,608 shares during the last quarter. FMR LLC raised its position in Smartsheet by 754,292.5% in the 1st quarter. FMR LLC now owns 1,214,572 shares of the company’s stock valued at $49,542,000 after buying an additional 1,214,411 shares during the last quarter. Morgan Stanley raised its position in Smartsheet by 210.0% in the 1st quarter. Morgan Stanley now owns 1,761,205 shares of the company’s stock valued at $112,576,000 after buying an additional 1,193,105 shares during the last quarter. Jericho Capital Asset Management L.P. acquired a new stake in Smartsheet in the 1st quarter valued at approximately $72,230,000. Finally, Polar Capital Holdings Plc acquired a new stake in Smartsheet in the 1st quarter valued at approximately $54,998,000. Institutional investors and hedge funds own 87.47% of the company’s stock.
A number of equities research analysts recently issued reports on SMAR shares. Wells Fargo & Company lifted their target price on Smartsheet from $70.00 to $84.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 8th. KeyCorp boosted their price target on Smartsheet from $86.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 8th. Canaccord Genuity boosted their price target on Smartsheet from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, September 3rd. Jefferies Financial Group raised Smartsheet from a “hold” rating to a “buy” rating and boosted their price target for the stock from $65.00 to $85.00 in a research report on Thursday, August 19th. Finally, Oppenheimer boosted their price target on Smartsheet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 8th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $86.50.
Smartsheet (NYSE:SMAR) last posted its earnings results on Monday, September 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. The business had revenue of $131.74 million for the quarter, compared to analyst estimates of $125.47 million. Smartsheet had a negative return on equity of 24.57% and a negative net margin of 31.00%. The firm’s revenue was up 44.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.06) EPS. As a group, research analysts predict that Smartsheet Inc will post -1.35 EPS for the current fiscal year.
In related news, CMO Anna Griffin sold 1,000 shares of the business’s stock in a transaction on Thursday, June 24th. The stock was sold at an average price of $73.46, for a total value of $73,460.00. Following the completion of the sale, the chief marketing officer now directly owns 11,762 shares in the company, valued at approximately $864,036.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Pete Godbole bought 1,400 shares of the business’s stock in a transaction dated Tuesday, July 6th. The shares were bought at an average price of $76.10 per share, with a total value of $106,540.00. The disclosure for this purchase can be found here. Insiders sold a total of 318,350 shares of company stock valued at $23,393,522 over the last 90 days. 6.07% of the stock is currently owned by corporate insiders.
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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