Oregon Public Employees Retirement Fund decreased its stake in Smartsheet Inc (NYSE:SMAR) by 33.4% in the 2nd quarter, Holdings Channel.com reports. The fund owned 43,970 shares of the company’s stock after selling 22,012 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Smartsheet were worth $2,128,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in SMAR. FMR LLC grew its holdings in shares of 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 acquiring an additional 1,214,411 shares in the last quarter. TimesSquare Capital Management LLC bought a new position in shares of Smartsheet in the 1st quarter valued at about $22,129,000. Tiff Advisory Services Inc. bought a new position in shares of Smartsheet in the 1st quarter valued at about $15,284,000. AlpInvest Partners B.V. grew its holdings in shares of Smartsheet by 1,199.9% in the 1st quarter. AlpInvest Partners B.V. now owns 264,316 shares of the company’s stock valued at $10,781,000 after acquiring an additional 243,983 shares in the last quarter. Finally, Investure LLC bought a new position in shares of Smartsheet in the 1st quarter valued at about $9,638,000. Institutional investors own 56.50% of the company’s stock.
In other news, Director Geoffrey T. Barker sold 16,700 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $53.16, for a total transaction of $887,772.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Michael Arntz sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $54.14, for a total value of $757,960.00. The disclosure for this sale can be found here. Insiders have sold 10,968,389 shares of company stock valued at $478,553,503 in the last quarter. 24.73% of the stock is currently owned by corporate insiders.
Several equities analysts have recently weighed in on SMAR shares. Wedbush started coverage on Smartsheet in a report on Thursday. They issued an “outperform” rating and a $62.00 price objective for the company. Zacks Investment Research upgraded Smartsheet from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Thursday, June 13th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective (up previously from $45.00) on shares of Smartsheet in a report on Thursday, July 11th. Finally, Stephens restated a “buy” rating and issued a $55.00 price objective on shares of Smartsheet in a report on Tuesday, April 23rd. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Smartsheet currently has an average rating of “Buy” and an average price target of $53.17.
Smartsheet stock traded up $0.34 during midday trading on Friday, reaching $50.33. 795,223 shares of the company’s stock were exchanged, compared to its average volume of 1,163,506. Smartsheet Inc has a 52 week low of $20.34 and a 52 week high of $55.79. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29. The company has a market cap of $5.32 billion, a price-to-earnings ratio of -81.18 and a beta of 2.00. The firm has a 50-day moving average price of $51.04.
Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Wednesday, June 5th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.15. Smartsheet had a negative return on equity of 34.42% and a negative net margin of 30.04%. The business had revenue of $56.19 million during the quarter, compared to analysts’ expectations of $54.65 million. During the same quarter last year, the company posted ($0.12) earnings per share. Smartsheet’s quarterly revenue was up 54.7% on a year-over-year basis. On average, sell-side analysts expect that Smartsheet Inc will post -0.97 earnings per share for the current year.
Smartsheet Company 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.
Further Reading: Diversification
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