Acadian Asset Management LLC Raises Holdings in Smartsheet Inc (NYSE:SMAR)

Acadian Asset Management LLC grew its position in Smartsheet Inc (NYSE:SMAR) by 15.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 256,329 shares of the company’s stock after buying an additional 35,238 shares during the quarter. Acadian Asset Management LLC owned 0.19% of Smartsheet worth $9,860,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in SMAR. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Smartsheet during the 4th quarter worth $33,000. Allworth Financial LP lifted its stake in shares of Smartsheet by 2,503.4% during the 4th quarter. Allworth Financial LP now owns 755 shares of the company’s stock worth $36,000 after purchasing an additional 726 shares during the last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of Smartsheet during the 1st quarter worth $29,000. M&T Bank Corp purchased a new stake in shares of Smartsheet during the 4th quarter worth $204,000. Finally, CWM LLC lifted its stake in shares of Smartsheet by 40.8% during the 4th quarter. CWM LLC now owns 4,287 shares of the company’s stock worth $205,000 after purchasing an additional 1,243 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. UBS Group upped their target price on Smartsheet from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Wells Fargo & Company upped their target price on Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, June 6th. Morgan Stanley upped their target price on Smartsheet from $51.00 to $53.00 and gave the company an “overweight” rating in a research report on Thursday, June 6th. Barclays upped their target price on Smartsheet from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, June 6th. Finally, BMO Capital Markets upped their target price on Smartsheet from $42.00 to $48.00 and gave the company an “outperform” rating in a research report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $52.00.

Smartsheet Stock Performance

Smartsheet stock traded up $0.48 during midday trading on Friday, hitting $48.29. 2,143,621 shares of the company were exchanged, compared to its average volume of 1,314,107. The firm has a market capitalization of $6.68 billion, a PE ratio of -77.89 and a beta of 0.74. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $49.42. The business has a fifty day simple moving average of $42.19 and a two-hundred day simple moving average of $41.97.

Smartsheet (NYSE:SMAR) last posted its earnings results on Wednesday, June 5th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.06. The firm had revenue of $262.98 million for the quarter, compared to analyst estimates of $258.06 million. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. As a group, equities analysts expect that Smartsheet Inc will post -0.24 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the sale, the chief operating officer now directly owns 61,791 shares of the company’s stock, valued at $2,965,968. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the transaction, the chief operating officer now owns 61,791 shares in the company, valued at $2,965,968. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Pete Godbole sold 7,244 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $41.22, for a total value of $298,597.68. Following the transaction, the chief financial officer now owns 30,786 shares in the company, valued at approximately $1,268,998.92. The disclosure for this sale can be found here. Insiders have sold a total of 34,390 shares of company stock valued at $1,484,631 over the last ninety days. Company insiders own 4.52% of the company’s stock.

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.