Oregon Public Employees Retirement Fund lifted its stake in Smartsheet Inc (NYSE:SMAR) by 4,397.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,982 shares of the company’s stock after buying an additional 64,515 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Smartsheet were worth $2,691,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of SMAR. Yale University purchased a new stake in shares of Smartsheet during the 1st quarter worth approximately $5,881,000. Spark Investment Management LLC grew its stake in Smartsheet by 33.2% in the 1st quarter. Spark Investment Management LLC now owns 703,100 shares of the company’s stock valued at $28,679,000 after buying an additional 175,300 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in Smartsheet in the 1st quarter valued at approximately $1,349,000. Frisch Financial Group Inc. purchased a new position in Smartsheet in the 1st quarter valued at approximately $251,000. Finally, Optimum Investment Advisors purchased a new position in Smartsheet in the 1st quarter valued at approximately $41,000. Institutional investors and hedge funds own 42.45% of the company’s stock.
In other news, major shareholder Insight Holdings Group, Llc sold 371,513 shares of Smartsheet stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $40.31, for a total transaction of $14,975,689.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Porrini sold 25,000 shares of Smartsheet stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $41.83, for a total transaction of $1,045,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 954,576 shares of company stock valued at $39,140,046 over the last ninety days. 24.73% of the stock is currently owned by insiders.
Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Tuesday, March 19th. The company reported ($0.07) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.12. Smartsheet had a negative net margin of 30.32% and a negative return on equity of 49.01%. The firm had revenue of $52.20 million during the quarter, compared to the consensus estimate of $49.72 million. Smartsheet’s revenue was up 58.2% on a year-over-year basis. On average, equities analysts expect that Smartsheet Inc will post -1 earnings per share for the current fiscal year.
A number of research analysts recently weighed in on SMAR shares. Zacks Investment Research upgraded shares of Smartsheet from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research note on Friday, March 22nd. Needham & Company LLC initiated coverage on shares of Smartsheet in a research note on Thursday, April 11th. They issued a “buy” rating and a $45.00 price objective for the company. Morgan Stanley raised their price target on shares of Smartsheet from $34.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, March 20th. Oppenheimer initiated coverage on shares of Smartsheet in a report on Thursday, April 4th. They issued an “outperform” rating and a $50.00 price target for the company. Finally, Royal Bank of Canada raised their price target on shares of Smartsheet to $53.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Smartsheet presently has an average rating of “Buy” and an average price target of $51.18.
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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.
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