Capital World Investors Sells 876,914 Shares of Smartsheet Inc (NYSE:SMAR)

Capital World Investors reduced its stake in Smartsheet Inc (NYSE:SMAR) by 8.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,613,696 shares of the company’s stock after selling 876,914 shares during the quarter. Capital World Investors owned approximately 7.00% of Smartsheet worth $370,127,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Sei Investments Co. raised its holdings in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after acquiring an additional 24,823 shares during the period. Norges Bank bought a new stake in shares of Smartsheet in the fourth quarter worth about $68,879,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Smartsheet by 256.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,522 shares of the company’s stock worth $7,294,000 after purchasing an additional 109,786 shares during the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Smartsheet in the first quarter worth about $1,512,000. Finally, Lecap Asset Management Ltd. bought a new stake in shares of Smartsheet in the fourth quarter worth about $1,287,000. 90.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SMAR shares. Morgan Stanley lifted their target price on Smartsheet from $51.00 to $53.00 and gave the stock an “overweight” rating in a report on Thursday, June 6th. Wells Fargo & Company lifted their target price on Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, June 6th. BMO Capital Markets lifted their target price on Smartsheet from $42.00 to $48.00 and gave the stock an “outperform” rating in a report on Thursday, June 6th. Royal Bank of Canada lifted their target price on Smartsheet from $36.00 to $43.00 and gave the stock a “sector perform” rating in a report on Thursday, June 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price target on shares of Smartsheet in a research report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Smartsheet currently has a consensus rating of “Moderate Buy” and an average target price of $52.00.

Smartsheet Price Performance

Shares of NYSE:SMAR traded up $1.27 during trading hours on Friday, hitting $48.40. 1,346,295 shares of the company’s stock traded hands, compared to its average volume of 1,277,224. The firm has a market capitalization of $6.70 billion, a P/E ratio of -78.06 and a beta of 0.74. The business has a fifty day moving average price of $42.86 and a 200-day moving average price of $42.12. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $49.42.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Wednesday, June 5th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.06. The firm had revenue of $262.98 million during 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 predict that Smartsheet Inc will post -0.24 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Pete Godbole sold 5,202 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total value of $218,067.84. Following the completion of the transaction, the chief financial officer now owns 44,346 shares of the company’s stock, valued at $1,858,984.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Pete Godbole sold 5,202 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $41.92, for a total transaction of $218,067.84. Following the transaction, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at $1,858,984.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Stephen Robert Branstetter sold 2,004 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the transaction, the chief operating officer now directly owns 61,791 shares in the company, valued at $2,965,968. The disclosure for this sale can be found here. Insiders sold 34,390 shares of company stock valued at $1,484,631 over the last 90 days. Corporate 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.