Artisan Partners Limited Partnership Acquires New Shares in Smartsheet Inc (NYSE:SMAR)

Artisan Partners Limited Partnership acquired a new stake in Smartsheet Inc (NYSE:SMAR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 403,185 shares of the company’s stock, valued at approximately $15,426,000.

Other large investors have also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd lifted its holdings in Smartsheet by 112.0% in the first quarter. Y Intercept Hong Kong Ltd now owns 24,344 shares of the company’s stock valued at $1,164,000 after acquiring an additional 12,859 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Smartsheet by 0.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,101,147 shares of the company’s stock valued at $52,635,000 after acquiring an additional 3,970 shares during the last quarter. Nicholas Investment Partners LP acquired a new position in Smartsheet in the first quarter valued at approximately $3,819,000. Harbor Capital Advisors Inc. lifted its holdings in Smartsheet by 32.2% in the second quarter. Harbor Capital Advisors Inc. now owns 25,815 shares of the company’s stock valued at $988,000 after acquiring an additional 6,289 shares during the last quarter. Finally, Premier Fund Managers Ltd purchased a new stake in Smartsheet in the first quarter valued at approximately $951,000. 88.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. BMO Capital Markets boosted their target price on Smartsheet from $44.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, September 8th. Citigroup boosted their target price on Smartsheet from $49.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, September 8th. Barclays boosted their target price on Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, September 8th. Morgan Stanley reissued an “overweight” rating and issued a $56.00 target price on shares of Smartsheet in a research report on Tuesday, October 3rd. Finally, Canaccord Genuity Group upped their price objective on Smartsheet from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, September 8th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Smartsheet currently has an average rating of “Moderate Buy” and an average price target of $52.06.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 2,102 shares of the stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $40.59, for a total transaction of $85,320.18. Following the completion of the sale, the insider now owns 7,110 shares in the company, valued at $288,594.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Jolene Lau Marshall sold 2,102 shares of the stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $40.59, for a total transaction of $85,320.18. Following the completion of the sale, the insider now owns 7,110 shares in the company, valued at $288,594.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director James N. White sold 150,000 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $44.72, for a total transaction of $6,708,000.00. Following the sale, the director now owns 29,066 shares of the company’s stock, valued at approximately $1,299,831.52. The disclosure for this sale can be found here. Insiders sold 221,815 shares of company stock worth $9,566,415 over the last 90 days. Corporate insiders own 4.71% of the company’s stock.

Smartsheet Trading Up 0.8 %

Shares of SMAR stock opened at $41.24 on Friday. The firm has a fifty day moving average price of $40.90 and a 200 day moving average price of $41.59. The company has a market cap of $5.57 billion, a P/E ratio of -36.82 and a beta of 0.87. Smartsheet Inc has a 12 month low of $27.19 and a 12 month high of $52.81.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.09. Smartsheet had a negative net margin of 16.84% and a negative return on equity of 27.44%. The company had revenue of $235.60 million during the quarter, compared to the consensus estimate of $229.57 million. During the same quarter in the prior year, the firm posted ($0.46) earnings per share. Smartsheet’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, equities analysts forecast that Smartsheet Inc will post -1 EPS for the current year.

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.