Hodges Capital Management Inc. reduced its stake in Smartsheet Inc (NYSE:SMAR) by 48.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,665 shares of the company’s stock after selling 194,185 shares during the period. Hodges Capital Management Inc. owned 0.20% of Smartsheet worth $8,307,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of SMAR. BlackRock Inc. grew its stake in Smartsheet by 10.7% in the 3rd quarter. BlackRock Inc. now owns 751,415 shares of the company’s stock worth $23,489,000 after acquiring an additional 72,383 shares in the last quarter. Capital International Investors purchased a new stake in shares of Smartsheet in the 3rd quarter worth approximately $32,354,000. Verition Fund Management LLC purchased a new stake in shares of Smartsheet in the 3rd quarter worth approximately $225,000. Neuberger Berman Group LLC purchased a new stake in shares of Smartsheet in the 3rd quarter worth approximately $246,000. Finally, Financial Enhancement Group LLC purchased a new stake in shares of Smartsheet in the 3rd quarter worth approximately $394,000. Institutional investors and hedge funds own 49.77% of the company’s stock.
In related news, insider Mark Patrick Mader sold 30,000 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $38.16, for a total transaction of $1,144,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Michael Arntz sold 3,055 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $49.00, for a total transaction of $149,695.00. The disclosure for this sale can be found here. Insiders have sold 1,405,309 shares of company stock valued at $51,790,394 in the last three months.
Smartsheet (NYSE:SMAR) last posted its earnings results on Tuesday, March 19th. The company reported ($0.07) EPS for the quarter, beating the Zacks’ 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 company had revenue of $52.20 million during the quarter, compared to analysts’ expectations of $49.72 million. The business’s revenue was up 58.2% compared to the same quarter last year. As a group, analysts expect that Smartsheet Inc will post -1 EPS for the current year.
Several equities research analysts have recently weighed in on SMAR shares. Stephens started coverage on shares of Smartsheet in a research report on Thursday, January 3rd. They issued an “overweight” rating and a $32.00 price target for the company. Zacks Investment Research cut shares of Smartsheet from a “buy” rating to a “hold” rating in a research report on Tuesday, February 5th. JPMorgan Chase & Co. upped their price target on shares of Smartsheet from $33.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 20th. Royal Bank of Canada upped their price target on shares of Smartsheet to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $53.00 price target (up previously from $35.00) on shares of Smartsheet in a research report on Wednesday, March 20th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Smartsheet currently has an average rating of “Buy” and a consensus target price of $49.09.
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.
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