Summit Global Investments Has $1.76 Million Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Summit Global Investments boosted its stake in shares of Smartsheet Inc (NYSE:SMAR) by 527.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 36,691 shares of the company’s stock after buying an additional 30,845 shares during the period. Summit Global Investments’ holdings in Smartsheet were worth $1,755,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Smartsheet by 256.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,522 shares of the company’s stock worth $7,294,000 after acquiring an additional 109,786 shares during the last quarter. Moody National Bank Trust Division bought a new position in Smartsheet in the fourth quarter valued at $1,755,000. Lecap Asset Management Ltd. acquired a new stake in Smartsheet in the 4th quarter valued at $1,287,000. Keenan Capital LLC increased its stake in Smartsheet by 3.9% in the 3rd quarter. Keenan Capital LLC now owns 1,200,433 shares of the company’s stock valued at $48,570,000 after buying an additional 45,000 shares during the last quarter. Finally, Seven Eight Capital LP bought a new stake in Smartsheet during the 3rd quarter worth about $1,919,000. Institutional investors own 90.01% of the company’s stock.

Insider Activity at Smartsheet

In other news, CRO Michael Arntz sold 7,702 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $39.44, for a total transaction of $303,766.88. Following the transaction, the executive now directly owns 12,718 shares of the company’s stock, valued at $501,597.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Pete Godbole sold 10,129 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $38.67, for a total value of $391,688.43. Following the transaction, the chief financial officer now owns 44,346 shares of the company’s stock, valued at approximately $1,714,859.82. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Michael Arntz sold 7,702 shares of Smartsheet stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $39.44, for a total value of $303,766.88. Following the transaction, the executive now owns 12,718 shares of the company’s stock, valued at approximately $501,597.92. The disclosure for this sale can be found here. Insiders sold 23,568 shares of company stock valued at $914,723 in the last three months. Corporate insiders own 4.71% of the company’s stock.

Smartsheet Stock Up 0.4 %

SMAR traded up $0.17 during trading on Friday, hitting $38.56. The company’s stock had a trading volume of 986,972 shares, compared to its average volume of 1,530,936. The firm has a market capitalization of $5.30 billion, a P/E ratio of -48.81 and a beta of 0.73. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $52.81. The stock’s fifty day moving average price is $39.34 and its 200-day moving average price is $42.45.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Citigroup raised Smartsheet from a “neutral” rating to a “buy” rating and increased their price objective for the company from $56.00 to $63.00 in a report on Thursday, January 11th. Needham & Company LLC reissued a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Friday, March 15th. Royal Bank of Canada dropped their target price on shares of Smartsheet from $48.00 to $36.00 and set a “sector perform” rating on the stock in a report on Friday, March 15th. Canaccord Genuity Group reduced their price target on Smartsheet from $55.00 to $45.00 and set a “buy” rating for the company in a report on Monday, March 18th. Finally, Barclays dropped their price objective on Smartsheet from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.75.

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.