Duality Advisers LP Trims Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Duality Advisers LP reduced its stake in Smartsheet Inc (NYSE:SMAR) by 5.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,103 shares of the company’s stock after selling 998 shares during the period. Duality Advisers LP’s holdings in Smartsheet were worth $866,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SMAR. RGM Capital LLC purchased a new stake in shares of Smartsheet in the third quarter worth $50,705,000. Eminence Capital LP lifted its holdings in shares of Smartsheet by 58.3% during the third quarter. Eminence Capital LP now owns 3,329,155 shares of the company’s stock valued at $134,698,000 after purchasing an additional 1,226,189 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Smartsheet by 2.0% during the third quarter. Vanguard Group Inc. now owns 13,307,701 shares of the company’s stock valued at $538,430,000 after purchasing an additional 261,836 shares in the last quarter. Lead Edge Capital Management LLC bought a new position in shares of Smartsheet during the third quarter valued at $10,216,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Smartsheet by 234.5% during the third quarter. AQR Capital Management LLC now owns 348,300 shares of the company’s stock valued at $14,092,000 after purchasing an additional 244,188 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Royal Bank of Canada lowered their price target on Smartsheet from $48.00 to $36.00 and set a “sector perform” rating on the stock in a report on Friday, March 15th. BMO Capital Markets lowered their price target on Smartsheet from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, March 18th. UBS Group lowered their target price on Smartsheet from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Morgan Stanley lowered their target price on Smartsheet from $56.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $57.00 target price on shares of Smartsheet in a report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.75.

Smartsheet Stock Performance

Shares of SMAR opened at $38.36 on Thursday. The business has a 50-day simple moving average of $39.95 and a two-hundred day simple moving average of $42.63. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $52.81.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.17. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. The business had revenue of $256.95 million during the quarter, compared to analysts’ expectations of $254.99 million. Analysts forecast that Smartsheet Inc will post -0.43 EPS for the current year.

Insider Buying and Selling

In related news, CFO Pete Godbole sold 10,129 shares of the stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $38.67, for a total transaction of $391,688.43. Following the completion of the sale, the chief financial officer now owns 44,346 shares in the company, valued at $1,714,859.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Pete Godbole sold 10,129 shares of the stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $38.67, for a total transaction of $391,688.43. Following the completion of the sale, the chief financial officer now owns 44,346 shares in the company, valued at $1,714,859.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jolene Lau Marshall sold 2,247 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $45.03, for a total value of $101,182.41. Following the transaction, the insider now owns 12,129 shares of the company’s stock, valued at approximately $546,168.87. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,387 shares of company stock worth $1,355,207. 4.71% of the stock is owned by corporate insiders.

About Smartsheet

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.