Paloma Partners Management Co Takes Position in Smartsheet Inc (NYSE:SMAR)

Paloma Partners Management Co purchased a new stake in Smartsheet Inc (NYSE:SMAR) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,525 shares of the company’s stock, valued at approximately $328,000.

Several other hedge funds also recently added to or reduced their stakes in SMAR. Norges Bank purchased a new stake in Smartsheet in the fourth quarter valued at $68,879,000. Granahan Investment Management LLC raised its position in shares of Smartsheet by 908.1% in the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock worth $49,767,000 after acquiring an additional 937,483 shares during the period. Los Angeles Capital Management LLC raised its position in shares of Smartsheet by 6,960.9% in the fourth quarter. Los Angeles Capital Management LLC now owns 628,138 shares of the company’s stock worth $30,038,000 after acquiring an additional 619,242 shares during the period. Coronation Fund Managers Ltd. raised its position in shares of Smartsheet by 44.2% in the first quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock worth $59,683,000 after acquiring an additional 474,898 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Smartsheet by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 13,583,818 shares of the company’s stock worth $649,578,000 after acquiring an additional 276,117 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SMAR has been the subject of several research analyst reports. UBS Group upped their price target on shares of Smartsheet from $54.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Wells Fargo & Company increased their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, June 6th. Canaccord Genuity Group increased their price objective on shares of Smartsheet from $45.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a report on Thursday, June 6th. Finally, Royal Bank of Canada increased 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 Thursday, June 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Smartsheet currently has an average rating of “Moderate Buy” and an average target price of $52.00.

Insider Activity

In related news, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at approximately $2,965,968. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Pete Godbole sold 7,500 shares of Smartsheet stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $43.54, for a total value of $326,550.00. Following the sale, the chief financial officer now owns 36,846 shares of the company’s stock, valued at $1,604,274.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at approximately $2,965,968. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,390 shares of company stock worth $1,484,631. 4.52% of the stock is currently owned by corporate insiders.

Smartsheet Price Performance

Shares of NYSE:SMAR traded down $0.18 during mid-day trading on Monday, reaching $48.22. 1,023,384 shares of the company were exchanged, compared to its average volume of 1,524,708. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of -77.77 and a beta of 0.74. The firm’s 50-day simple moving average is $42.98 and its 200 day simple moving average is $42.04. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $49.42.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Wednesday, June 5th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. The firm had revenue of $262.98 million during the quarter, compared to analysts’ expectations of $258.06 million. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. On average, research analysts forecast that Smartsheet Inc will post -0.24 earnings per share for the current fiscal year.

Smartsheet 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.