Raymond James Financial Services Advisors Inc. Buys New Position in Smartsheet Inc (NYSE:SMAR)

Raymond James Financial Services Advisors Inc. acquired a new position in shares of Smartsheet Inc (NYSE:SMAR) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 33,084 shares of the company’s stock, valued at approximately $1,349,000.

Other institutional investors have also recently made changes to their positions in the company. BNP Paribas Arbitrage SA lifted its holdings in shares of Smartsheet by 240.2% in the first quarter. BNP Paribas Arbitrage SA now owns 660 shares of the company’s stock worth $27,000 after acquiring an additional 466 shares during the last quarter. Optimum Investment Advisors bought a new position in Smartsheet in the 1st quarter valued at approximately $41,000. Caz Investments LP raised its holdings in Smartsheet by 100.0% in the 4th quarter. Caz Investments LP now owns 1,200 shares of the company’s stock valued at $30,000 after buying an additional 600 shares during the last quarter. Neuburgh Advisers LLC raised its holdings in Smartsheet by 90.9% in the 4th quarter. Neuburgh Advisers LLC now owns 1,386 shares of the company’s stock valued at $34,000 after buying an additional 660 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund bought a new position in Smartsheet in the 4th quarter valued at approximately $36,000. Hedge funds and other institutional investors own 56.63% of the company’s stock.

SMAR has been the subject of a number of research reports. 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 report on Friday, March 22nd. Needham & Company LLC initiated coverage on shares of Smartsheet in a report on Thursday, April 11th. They set a “buy” rating and a $45.00 price target for the company. Morgan Stanley raised their price target on shares of Smartsheet from $34.00 to $58.00 and gave the stock 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 set 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 stock an “outperform” rating in a report on Wednesday, March 20th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $51.00.

In other Smartsheet news, major shareholder Venture Fund L. P. Madrona III sold 5,175,000 shares of Smartsheet stock in a transaction on Friday, June 14th. The shares were sold at an average price of $43.50, for a total transaction of $225,112,500.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Kara Hamilton sold 10,000 shares of Smartsheet stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $40.18, for a total transaction of $401,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 11,313,309 shares of company stock valued at $490,796,801. 24.73% of the stock is currently owned by insiders.

Shares of SMAR stock traded up $0.70 during trading hours on Friday, hitting $48.40. 8,726,790 shares of the company were exchanged, compared to its average volume of 1,597,598. The company’s 50 day simple moving average is $44.07. Smartsheet Inc has a fifty-two week low of $20.34 and a fifty-two week high of $50.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.63 and a current ratio of 1.63. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of -78.06 and a beta of 2.17.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Wednesday, June 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.15. Smartsheet had a negative net margin of 30.04% and a negative return on equity of 34.42%. The business had revenue of $56.19 million during the quarter, compared to the consensus estimate of $54.65 million. During the same quarter last year, the firm posted ($0.12) EPS. Smartsheet’s revenue was up 54.7% compared to the same quarter last year. On average, analysts anticipate that Smartsheet Inc will post -0.97 earnings per share for the current fiscal year.

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.

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Institutional Ownership by Quarter for Smartsheet (NYSE:SMAR)

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