Smartsheet Inc (NYSE:SMAR) Shares Sold by Raymond James & Associates

Raymond James & Associates cut its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 19.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,017 shares of the company’s stock after selling 3,289 shares during the period. Raymond James & Associates’ holdings in Smartsheet were worth $670,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. CWM LLC lifted its position in shares of Smartsheet by 14.7% during the 3rd quarter. CWM LLC now owns 3,044 shares of the company’s stock valued at $123,000 after buying an additional 390 shares in the last quarter. SG Americas Securities LLC raised its position in Smartsheet by 170.8% during the third quarter. SG Americas Securities LLC now owns 9,382 shares of the company’s stock worth $380,000 after acquiring an additional 5,917 shares during the period. Avior Wealth Management LLC lifted its holdings in Smartsheet by 13.0% during the third quarter. Avior Wealth Management LLC now owns 7,487 shares of the company’s stock valued at $303,000 after purchasing an additional 864 shares in the last quarter. Coronation Fund Managers Ltd. grew its position in shares of Smartsheet by 19.9% in the third quarter. Coronation Fund Managers Ltd. now owns 436,581 shares of the company’s stock valued at $17,664,000 after purchasing an additional 72,311 shares during the period. Finally, Oak Thistle LLC purchased a new stake in shares of Smartsheet during the third quarter worth about $321,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Barclays decreased their price target on shares of Smartsheet from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, March 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Friday, March 15th. Royal Bank of Canada dropped their price target on Smartsheet from $48.00 to $36.00 and set a “sector perform” rating for the company in a research report on Friday, March 15th. Canaccord Genuity Group decreased their price objective on Smartsheet from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, March 18th. Finally, Citigroup raised shares of Smartsheet from a “neutral” rating to a “buy” rating and upped their target price for the stock from $56.00 to $63.00 in a report on Thursday, January 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Smartsheet has an average rating of “Moderate Buy” and an average target price of $49.75.

Smartsheet Price Performance

Smartsheet stock opened at $38.36 on Thursday. The firm has a 50 day simple moving average of $39.95 and a 200-day simple moving average of $42.63. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of -48.56 and a beta of 0.73. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $52.81.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, March 14th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.17. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. The company had revenue of $256.95 million during the quarter, compared to analyst estimates of $254.99 million. Equities analysts expect that Smartsheet Inc will post -0.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 2,247 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $45.03, for a total value of $101,182.41. Following the transaction, the insider now owns 12,129 shares of the company’s stock, valued at $546,168.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, COO Stephen Robert Branstetter sold 5,737 shares of Smartsheet stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total value of $219,268.14. Following the completion of the sale, the chief operating officer now directly owns 67,801 shares of the company’s stock, valued at $2,591,354.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jolene Lau Marshall sold 2,247 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $45.03, for a total value of $101,182.41. Following the completion of the sale, the insider now owns 12,129 shares in the company, valued at approximately $546,168.87. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,387 shares of company stock valued at $1,355,207. 4.71% of the stock is currently owned by insiders.

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.