Wealth Enhancement Advisory Services LLC Takes Position in Smartsheet Inc (NYSE:SMAR)

Wealth Enhancement Advisory Services LLC purchased a new position in shares of Smartsheet Inc (NYSE:SMAR) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 7,265 shares of the company’s stock, valued at approximately $320,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SMAR. Advisors Asset Management Inc. raised its position in shares of Smartsheet by 24.6% during the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after purchasing an additional 360 shares during the period. PNC Financial Services Group Inc. raised its holdings in Smartsheet by 3.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after buying an additional 402 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of Smartsheet by 1.3% in the first quarter. Bessemer Group Inc. now owns 39,271 shares of the company’s stock valued at $1,512,000 after buying an additional 500 shares in the last quarter. Quent Capital LLC grew its holdings in shares of Smartsheet by 169.1% during the second quarter. Quent Capital LLC now owns 915 shares of the company’s stock valued at $40,000 after buying an additional 575 shares during the last quarter. Finally, Versant Capital Management Inc bought a new stake in shares of Smartsheet during the second quarter worth about $31,000. Institutional investors own 90.01% of the company’s stock.

Insiders Place Their Bets

In other news, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the transaction, the chief operating officer now owns 61,791 shares of the company’s stock, valued at approximately $2,965,968. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares in the company, valued at approximately $714,203.37. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Stephen Robert Branstetter sold 2,004 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $48.00, for a total value of $96,192.00. Following the sale, the chief operating officer now owns 61,791 shares of the company’s stock, valued at $2,965,968. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,929 shares of company stock worth $1,446,805. 4.52% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. BMO Capital Markets lifted their price target on Smartsheet from $42.00 to $48.00 and gave the company an “outperform” rating in a research note on Thursday, June 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 target price on shares of Smartsheet in a research report on Thursday, June 6th. Royal Bank of Canada increased their price target on Smartsheet from $36.00 to $43.00 and gave the company a “sector perform” rating in a research report on Thursday, June 6th. UBS Group raised their price objective on Smartsheet from $54.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Finally, Wells Fargo & Company upped their target price on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.12.

Smartsheet Price Performance

Shares of SMAR opened at $49.69 on Monday. The firm has a market cap of $6.87 billion, a P/E ratio of -80.14 and a beta of 0.74. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $50.38. The stock has a 50 day simple moving average of $45.64 and a two-hundred day simple moving average of $42.22.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Wednesday, June 5th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.06. The firm had revenue of $262.98 million during the quarter, compared to analyst estimates of $258.06 million. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. On average, equities analysts anticipate that Smartsheet Inc will post -0.24 earnings per share for the current year.

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.