Victory Capital Management Inc. Cuts Stock Position in Smartsheet Inc (NYSE:SMAR)

Victory Capital Management Inc. lessened its position in shares of Smartsheet Inc (NYSE:SMAR – Get Rating) by 56.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 262,429 shares of the company’s stock after selling 344,142 shares during the quarter. Victory Capital Management Inc.’s holdings in Smartsheet were worth $10,383,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital World Investors increased its holdings in shares of Smartsheet by 11.2% during the first quarter. Capital World Investors now owns 15,316,599 shares of the company’s stock valued at $839,084,000 after acquiring an additional 1,542,891 shares in the last quarter. Vanguard Group Inc. increased its stake in Smartsheet by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 11,759,643 shares of the company’s stock valued at $404,061,000 after purchasing an additional 319,641 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Smartsheet by 1.3% in the third quarter. BlackRock Inc. now owns 6,565,602 shares of the company’s stock worth $225,592,000 after buying an additional 83,740 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Smartsheet by 8.7% in the third quarter. Alliancebernstein L.P. now owns 3,801,949 shares of the company’s stock worth $130,635,000 after buying an additional 304,815 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Smartsheet by 81.6% during the second quarter. Goldman Sachs Group Inc. now owns 2,808,651 shares of the company’s stock worth $88,276,000 after buying an additional 1,262,177 shares during the period. Hedge funds and other institutional investors own 89.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SMAR shares. Oppenheimer upped their target price on Smartsheet from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, March 15th. KeyCorp raised their price objective on Smartsheet from $48.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 15th. DA Davidson upped their target price on Smartsheet from $54.00 to $57.00 in a research report on Wednesday, March 15th. Guggenheim raised their price target on shares of Smartsheet from $54.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, March 24th. Finally, Royal Bank of Canada upped their price objective on shares of Smartsheet from $36.00 to $43.00 and gave the company a “sector perform” rating in a report on Wednesday, March 15th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Smartsheet presently has an average rating of “Moderate Buy” and an average target price of $49.06.

Insider Activity

In related news, CRO Michael Arntz sold 10,418 shares of the company’s stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $47.68, for a total transaction of $496,730.24. Following the completion of the transaction, the executive now owns 18,483 shares in the company, valued at approximately $881,269.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Smartsheet news, insider Jolene Lau Marshall sold 1,051 shares of Smartsheet stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $44.31, for a total transaction of $46,569.81. Following the sale, the insider now owns 6,585 shares of the company’s stock, valued at approximately $291,781.35. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Michael Arntz sold 10,418 shares of the business’s stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $47.68, for a total transaction of $496,730.24. Following the transaction, the executive now owns 18,483 shares in the company, valued at $881,269.44. The disclosure for this sale can be found here. Insiders have sold a total of 23,430 shares of company stock worth $1,115,359 over the last 90 days. 4.71% of the stock is currently owned by company insiders.

Smartsheet Trading Up 1.8 %

Shares of SMAR stock opened at $47.41 on Thursday. Smartsheet Inc has a 12-month low of $25.09 and a 12-month high of $48.99. The business’s 50 day moving average is $44.41 and its two-hundred day moving average is $40.93.

Smartsheet (NYSE:SMAR – Get Rating) last announced its earnings results on Tuesday, March 14th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.06. Smartsheet had a negative return on equity of 43.31% and a negative net margin of 28.12%. The business had revenue of $212.34 million during the quarter, compared to the consensus estimate of $206.08 million. On average, equities analysts predict that Smartsheet Inc will post -1.27 earnings per share for the current year.

Smartsheet Company Profile

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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.