Envestnet Asset Management Inc. Raises Holdings in Smartsheet Inc (NYSE:SMAR)

Envestnet Asset Management Inc. raised its holdings in shares of Smartsheet Inc (NYSE:SMARGet Rating) by 5.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 31,152 shares of the company’s stock after purchasing an additional 1,511 shares during the period. Envestnet Asset Management Inc.’s holdings in Smartsheet were worth $979,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Arizona State Retirement System boosted its stake in shares of Smartsheet by 1.1% in the 1st quarter. Arizona State Retirement System now owns 32,348 shares of the company’s stock worth $1,772,000 after buying an additional 358 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Smartsheet by 9.3% in the 2nd quarter. Assetmark Inc. now owns 7,583 shares of the company’s stock worth $238,000 after buying an additional 645 shares during the last quarter. Xponance Inc. boosted its stake in shares of Smartsheet by 4.6% in the 2nd quarter. Xponance Inc. now owns 14,616 shares of the company’s stock worth $459,000 after buying an additional 646 shares during the last quarter. Treasurer of the State of North Carolina boosted its stake in shares of Smartsheet by 1.6% in the 1st quarter. Treasurer of the State of North Carolina now owns 44,762 shares of the company’s stock worth $2,452,000 after buying an additional 713 shares during the last quarter. Finally, United Capital Financial Advisers LLC boosted its stake in shares of Smartsheet by 7.3% in the 1st quarter. United Capital Financial Advisers LLC now owns 11,270 shares of the company’s stock worth $617,000 after buying an additional 770 shares during the last quarter. 90.24% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Stock Up 4.8 %

NYSE:SMAR opened at $29.07 on Friday. Smartsheet Inc has a 52 week low of $25.09 and a 52 week high of $80.89. The business’s 50-day simple moving average is $32.41 and its two-hundred day simple moving average is $33.57. The stock has a market cap of $3.76 billion, a PE ratio of -16.71 and a beta of 1.27.

Smartsheet (NYSE:SMARGet Rating) last issued its earnings results on Thursday, September 1st. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.10. Smartsheet had a negative return on equity of 42.47% and a negative net margin of 33.88%. The firm had revenue of $186.70 million for the quarter, compared to analysts’ expectations of $180.56 million. During the same period in the previous year, the firm posted ($0.28) earnings per share. The business’s revenue was up 41.8% compared to the same quarter last year. Sell-side analysts anticipate that Smartsheet Inc will post -2.03 earnings per share for the current fiscal year.

Insider Transactions at Smartsheet

In other news, insider Megan Hansen sold 4,000 shares of Smartsheet stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $38.04, for a total value of $152,160.00. Following the sale, the insider now directly owns 4,155 shares of the company’s stock, valued at $158,056.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Smartsheet news, insider Megan Hansen sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $38.04, for a total transaction of $152,160.00. Following the sale, the insider now directly owns 4,155 shares of the company’s stock, valued at $158,056.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Elena Gomez sold 6,250 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $37.17, for a total value of $232,312.50. Following the sale, the director now directly owns 6,003 shares in the company, valued at $223,131.51. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,605 shares of company stock valued at $1,010,805. 4.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. William Blair reiterated an “outperform” rating on shares of Smartsheet in a research report on Friday, September 23rd. Truist Financial lowered their target price on Smartsheet from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, September 2nd. BMO Capital Markets lowered their target price on Smartsheet from $43.00 to $38.00 and set an “outperform” rating on the stock in a research report on Friday, September 2nd. Jefferies Financial Group lowered their target price on Smartsheet from $50.00 to $40.00 in a research report on Friday, September 2nd. Finally, Citigroup lowered their target price on Smartsheet from $47.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, September 1st. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.59.

Smartsheet Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Smartsheet (NYSE:SMAR)

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