JPMorgan Chase & Co. Grows Stake in Smartsheet Inc (NYSE:SMAR)

JPMorgan Chase & Co. lifted its stake in shares of Smartsheet Inc (NYSE:SMARGet Rating) by 4.6% in the second quarter, Holdings Channel reports. The firm owned 1,822,072 shares of the company’s stock after buying an additional 79,696 shares during the period. JPMorgan Chase & Co.’s holdings in Smartsheet were worth $57,268,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Ellevest Inc. grew its stake in Smartsheet by 1,141.0% during the 2nd quarter. Ellevest Inc. now owns 1,030 shares of the company’s stock valued at $32,000 after acquiring an additional 947 shares in the last quarter. Lazard Asset Management LLC grew its stake in Smartsheet by 44.7% during the 2nd quarter. Lazard Asset Management LLC now owns 2,004 shares of the company’s stock valued at $62,000 after acquiring an additional 619 shares in the last quarter. Prospera Financial Services Inc purchased a new stake in Smartsheet during the 1st quarter valued at about $93,000. Advisors Asset Management Inc. grew its stake in Smartsheet by 39.1% during the 1st quarter. Advisors Asset Management Inc. now owns 3,212 shares of the company’s stock valued at $176,000 after acquiring an additional 903 shares in the last quarter. Finally, Level Four Advisory Services LLC purchased a new stake in Smartsheet during the 1st quarter valued at about $208,000. Hedge funds and other institutional investors own 90.24% of the company’s stock.

Smartsheet Stock Performance

SMAR stock opened at $29.07 on Friday. Smartsheet Inc has a one year low of $25.09 and a one year high of $80.89. The stock has a market capitalization of $3.76 billion, a PE ratio of -16.71 and a beta of 1.27. The company has a fifty day moving average of $32.41 and a 200-day moving average of $33.57.

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

Insider Activity at Smartsheet

In related news, CFO Pete Godbole sold 1,104 shares of the firm’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $36.64, for a total value of $40,450.56. Following the completion of the sale, the chief financial officer now owns 15,874 shares in the company, valued at $581,623.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Smartsheet news, insider Megan Hansen sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $38.04, for a total transaction of $152,160.00. Following the completion of the transaction, the insider now directly owns 4,155 shares in the company, valued at approximately $158,056.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Pete Godbole sold 1,104 shares of the firm’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $36.64, for a total transaction of $40,450.56. Following the transaction, the chief financial officer now owns 15,874 shares of the company’s stock, valued at $581,623.36. The disclosure for this sale can be found here. Insiders sold 29,605 shares of company stock worth $1,010,805 over the last 90 days. Company insiders own 4.58% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on SMAR shares. KeyCorp started coverage on shares of Smartsheet in a research note on Thursday, October 13th. They set an “overweight” rating and a $46.00 price objective for the company. BMO Capital Markets decreased their price objective on shares of Smartsheet from $43.00 to $38.00 and set an “outperform” rating on the stock in a report on Friday, September 2nd. William Blair reaffirmed an “outperform” rating on shares of Smartsheet in a research note on Friday, September 23rd. Citigroup cut their target price on shares of Smartsheet from $47.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, September 1st. Finally, Jefferies Financial Group cut their target price on shares of Smartsheet from $50.00 to $40.00 in a research note on Friday, September 2nd. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Smartsheet has an average rating of “Moderate Buy” and a consensus 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.

See Also

Want to see what other hedge funds are holding SMAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Smartsheet Inc (NYSE:SMARGet Rating).

Institutional Ownership by Quarter for Smartsheet (NYSE:SMAR)

Receive News & Ratings for Smartsheet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Smartsheet and related companies with MarketBeat.com's FREE daily email newsletter.