California Public Employees Retirement System Reduces Stock Position in Smartsheet Inc (NYSE:SMAR)

California Public Employees Retirement System decreased its position in Smartsheet Inc (NYSE:SMAR) by 3.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 223,866 shares of the company’s stock after selling 6,901 shares during the quarter. California Public Employees Retirement System’s holdings in Smartsheet were worth $10,705,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Smartsheet by 256.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,522 shares of the company’s stock valued at $7,294,000 after purchasing an additional 109,786 shares during the period. Moody National Bank Trust Division purchased a new position in shares of Smartsheet during the fourth quarter valued at approximately $1,755,000. Lecap Asset Management Ltd. bought a new position in shares of Smartsheet during the fourth quarter valued at approximately $1,287,000. Keenan Capital LLC lifted its stake in Smartsheet by 3.9% in the third quarter. Keenan Capital LLC now owns 1,200,433 shares of the company’s stock worth $48,570,000 after acquiring an additional 45,000 shares during the period. Finally, Seven Eight Capital LP bought a new stake in Smartsheet in the third quarter valued at $1,919,000. 90.01% of the stock is owned by institutional investors.

Insider Activity at Smartsheet

In related news, CRO Michael Arntz sold 7,702 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $39.44, for a total value of $303,766.88. Following the transaction, the executive now directly owns 12,718 shares of the company’s stock, valued at approximately $501,597.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CRO Michael Arntz sold 7,702 shares of Smartsheet stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $39.44, for a total value of $303,766.88. Following the completion of the sale, the executive now directly owns 12,718 shares in the company, valued at approximately $501,597.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen Robert Branstetter sold 5,737 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $38.22, for a total transaction of $219,268.14. Following the transaction, the chief operating officer now owns 67,801 shares in the company, valued at approximately $2,591,354.22. The disclosure for this sale can be found here. Insiders sold 23,568 shares of company stock valued at $914,723 over the last 90 days. Corporate insiders own 4.71% of the company’s stock.

Smartsheet Trading Up 1.8 %

NYSE SMAR opened at $38.50 on Thursday. The stock’s fifty day moving average price is $39.42 and its 200-day moving average price is $42.48. The stock has a market cap of $5.29 billion, a P/E ratio of -48.73 and a beta of 0.73. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $52.81.

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

Analysts Set New Price Targets

Several research analysts have commented on SMAR shares. Bank of America began coverage on shares of Smartsheet in a report on Monday, February 26th. They issued an “underperform” rating and a $45.00 price objective for the company. Oppenheimer lowered their price objective on shares of Smartsheet from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Royal Bank of Canada cut their price objective on Smartsheet from $48.00 to $36.00 and set a “sector perform” rating on the stock in a research report on Friday, March 15th. JPMorgan Chase & Co. lowered their target price on Smartsheet from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, UBS Group reduced their price target on Smartsheet from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.75.

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.