Raymond James & Associates Reduces Stock Position in Smartsheet Inc (NYSE:SMAR)

Raymond James & Associates lowered its stake in shares of Smartsheet Inc (NYSE:SMAR) by 65.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,963 shares of the company’s stock after selling 43,226 shares during the period. Raymond James & Associates’ holdings in Smartsheet were worth $879,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet during the first quarter worth $29,000. Headlands Technologies LLC lifted its position in shares of Smartsheet by 87,100.0% during the first quarter. Headlands Technologies LLC now owns 872 shares of the company’s stock worth $42,000 after acquiring an additional 871 shares in the last quarter. Center for Financial Planning Inc. purchased a new stake in shares of Smartsheet during the first quarter worth $68,000. Pacer Advisors Inc. purchased a new stake in shares of Smartsheet during the second quarter worth $55,000. Finally, Newbridge Financial Services Group Inc. lifted its position in shares of Smartsheet by 76.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,630 shares of the company’s stock worth $62,000 after acquiring an additional 705 shares in the last quarter. Hedge funds and other institutional investors own 88.99% of the company’s stock.

Smartsheet Trading Up 2.3 %

Shares of NYSE:SMAR opened at $39.74 on Friday. The stock’s 50-day moving average price is $41.04 and its 200-day moving average price is $41.66. Smartsheet Inc has a 12-month low of $25.09 and a 12-month high of $52.81. The stock has a market capitalization of $5.37 billion, a P/E ratio of -35.48 and a beta of 0.87.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.09. Smartsheet had a negative return on equity of 27.44% and a negative net margin of 16.84%. The firm had revenue of $235.60 million for the quarter, compared to analysts’ expectations of $229.57 million. During the same period last year, the firm earned ($0.46) earnings per share. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. As a group, research analysts predict that Smartsheet Inc will post -1 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company lowered their price objective on Smartsheet from $60.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 5th. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Wednesday, September 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $43.00 price objective on shares of Smartsheet in a research report on Thursday, September 21st. BMO Capital Markets increased their price objective on Smartsheet from $44.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, September 8th. Finally, Barclays increased their price objective on Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, September 8th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.06.

Insider Activity

In other news, CEO Mark Patrick Mader sold 21,120 shares of the stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $39.31, for a total transaction of $830,227.20. Following the completion of the sale, the chief executive officer now directly owns 579,826 shares in the company, valued at $22,792,960.06. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Mark Patrick Mader sold 21,120 shares of the stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $39.31, for a total transaction of $830,227.20. Following the completion of the sale, the chief executive officer now directly owns 579,826 shares in the company, valued at $22,792,960.06. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO Michael Arntz sold 12,618 shares of the stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $39.73, for a total transaction of $501,313.14. Following the sale, the executive now owns 13,129 shares of the company’s stock, valued at $521,615.17. The disclosure for this sale can be found here. Over the last three months, insiders have sold 217,678 shares of company stock valued at $9,394,017. 4.71% of the stock is currently owned by insiders.

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.