Smartsheet Inc (NYSE:SMAR) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 40.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,728 shares of the company’s stock after selling 3,884 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Smartsheet were worth $274,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. grew its position in Smartsheet by 256.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,522 shares of the company’s stock valued at $7,294,000 after acquiring an additional 109,786 shares in the last quarter. Moody National Bank Trust Division acquired a new stake in Smartsheet in the fourth quarter valued at approximately $1,755,000. Keenan Capital LLC grew its position in Smartsheet by 3.9% in the third quarter. Keenan Capital LLC now owns 1,200,433 shares of the company’s stock valued at $48,570,000 after acquiring an additional 45,000 shares in the last quarter. Seven Eight Capital LP acquired a new stake in Smartsheet in the third quarter valued at approximately $1,919,000. Finally, AQR Capital Management LLC grew its position in Smartsheet by 234.5% in the third quarter. AQR Capital Management LLC now owns 348,300 shares of the company’s stock valued at $14,092,000 after acquiring an additional 244,188 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Oppenheimer reduced their target price on Smartsheet from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Citigroup upgraded Smartsheet from a “neutral” rating to a “buy” rating and increased their target price for the company from $56.00 to $63.00 in a research note on Thursday, January 11th. Needham & Company LLC reiterated a “buy” rating and set a $57.00 target price on shares of Smartsheet in a research note on Friday, March 15th. Jefferies Financial Group reduced their target price on Smartsheet from $57.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, Bank of America assumed coverage on Smartsheet in a research note on Monday, February 26th. They set an “underperform” rating and a $45.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.75.

Insider Activity

In other news, CRO Michael Arntz sold 7,572 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $44.81, for a total transaction of $339,301.32. Following the transaction, the executive now directly owns 7,148 shares of the company’s stock, valued at $320,301.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CRO Michael Arntz sold 7,572 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $44.81, for a total transaction of $339,301.32. Following the transaction, the executive now directly owns 7,148 shares of the company’s stock, valued at $320,301.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Pete Godbole sold 10,129 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $38.67, for a total value of $391,688.43. Following the transaction, the chief financial officer now directly owns 44,346 shares in the company, valued at $1,714,859.82. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,387 shares of company stock valued at $1,355,207. Company insiders own 4.71% of the company’s stock.

Smartsheet Stock Performance

SMAR stock opened at $38.28 on Friday. The stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of -48.46 and a beta of 0.73. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $52.81. The stock’s fifty day moving average is $39.70 and its two-hundred day moving average is $42.57.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.17. The company had revenue of $256.95 million for the quarter, compared to analysts’ expectations of $254.99 million. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. As a group, analysts predict that Smartsheet Inc will post -0.43 EPS for the current fiscal 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.