Smartsheet Inc (NYSE:SMAR) Shares Sold by Capital World Investors

Capital World Investors trimmed its position in Smartsheet Inc (NYSE:SMAR - Free Report) by 3.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,490,610 shares of the company's stock after selling 319,323 shares during the quarter. Capital World Investors owned approximately 7.70% of Smartsheet worth $501,661,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SMAR. Treasurer of the State of North Carolina raised its stake in Smartsheet by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 55,099 shares of the company's stock worth $2,229,000 after acquiring an additional 280 shares in the last quarter. Cornercap Investment Counsel Inc. increased its position in Smartsheet by 1.3% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 22,860 shares of the company's stock worth $1,093,000 after buying an additional 285 shares during the period. PNC Financial Services Group Inc. lifted its stake in Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company's stock valued at $670,000 after buying an additional 402 shares during the last quarter. Avior Wealth Management LLC boosted its holdings in shares of Smartsheet by 5.9% in the fourth quarter. Avior Wealth Management LLC now owns 7,928 shares of the company's stock valued at $379,000 after acquiring an additional 441 shares during the period. Finally, McGlone Suttner Wealth Management Inc. acquired a new stake in shares of Smartsheet in the fourth quarter valued at approximately $33,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Smartsheet

In other Smartsheet news, CFO Pete Godbole sold 5,202 shares of Smartsheet stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total transaction of $218,067.84. Following the completion of the transaction, the chief financial officer now owns 44,346 shares in the company, valued at $1,858,984.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CRO Michael Arntz sold 7,702 shares of Smartsheet stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $39.44, for a total transaction of $303,766.88. Following the completion of the sale, the executive now owns 12,718 shares in the company, valued at approximately $501,597.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Pete Godbole sold 5,202 shares of the firm's stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $41.92, for a total transaction of $218,067.84. Following the sale, the chief financial officer now directly owns 44,346 shares in the company, valued at $1,858,984.32. The disclosure for this sale can be found here. Insiders sold 28,770 shares of company stock valued at $1,132,791 in the last 90 days. 4.52% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SMAR shares. JPMorgan Chase & Co. reduced their price target on shares of Smartsheet from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Friday, March 15th. Canaccord Genuity Group increased their target price on shares of Smartsheet from $45.00 to $52.00 and gave the stock a "buy" rating in a research note on Thursday. Bank of America assumed coverage on Smartsheet in a research report on Monday, February 26th. They issued an "underperform" rating and a $45.00 price target on the stock. UBS Group increased their price objective on Smartsheet from $54.00 to $56.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Morgan Stanley boosted their target price on Smartsheet from $51.00 to $53.00 and gave the company an "overweight" rating in a report on Thursday. 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 stock. Based on data from MarketBeat, Smartsheet currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.75.

Smartsheet Stock Performance

SMAR stock traded up $6.44 during trading on Thursday, reaching $44.22. 7,374,366 shares of the company were exchanged, compared to its average volume of 1,552,912. The stock's 50 day moving average price is $38.98 and its 200 day moving average price is $42.33. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $52.81. The company has a market cap of $6.08 billion, a P/E ratio of -55.97 and a beta of 0.74.

Smartsheet (NYSE:SMAR - Get Free Report) last released its quarterly earnings data on Thursday, March 14th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.17. The firm had revenue of $256.95 million during the quarter, compared to the consensus estimate of $254.99 million. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. As a group, equities research analysts forecast that Smartsheet Inc will post -0.43 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.