Vanguard Group Inc. raised its stake in shares of Smartsheet Inc (NYSE:SMAR) by 16.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 587,606 shares of the company’s stock after buying an additional 83,956 shares during the quarter. Vanguard Group Inc. owned about 0.57% of Smartsheet worth $18,369,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of SMAR. BlackRock Inc. bought a new stake in shares of Smartsheet during the 2nd quarter worth approximately $17,635,000. Hodges Capital Management Inc. bought a new stake in Smartsheet in the 3rd quarter valued at $4,946,000. Bank of New York Mellon Corp bought a new stake in Smartsheet in the 2nd quarter valued at $230,000. Hsbc Holdings PLC bought a new stake in Smartsheet in the 3rd quarter valued at $1,563,000. Finally, Morgan Stanley raised its stake in Smartsheet by 1,011.4% in the 3rd quarter. Morgan Stanley now owns 592,133 shares of the company’s stock valued at $18,510,000 after acquiring an additional 538,853 shares during the period. Institutional investors and hedge funds own 49.63% of the company’s stock.
In other Smartsheet news, Director Brent Frei sold 300,000 shares of the stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $31.42, for a total value of $9,426,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Geoffrey T. Barker sold 20,000 shares of the stock in a transaction dated Tuesday, January 8th. The shares were sold at an average price of $25.20, for a total value of $504,000.00. The disclosure for this sale can be found here. Insiders sold 807,133 shares of company stock worth $25,645,268 over the last ninety days.
A number of equities research analysts recently weighed in on SMAR shares. Morgan Stanley increased their price target on Smartsheet from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Tuesday, December 4th. Royal Bank of Canada decreased their price objective on Smartsheet from $39.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday, November 30th. Stephens initiated coverage on Smartsheet in a report on Thursday, January 3rd. They issued an “overweight” rating and a $32.00 price objective on the stock. Finally, Zacks Investment Research raised Smartsheet from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a report on Saturday, December 8th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Smartsheet presently has a consensus rating of “Buy” and a consensus price target of $34.00.
NYSE:SMAR traded up $3.20 during trading hours on Thursday, hitting $45.39. The company’s stock had a trading volume of 2,540,314 shares, compared to its average volume of 878,638. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. Smartsheet Inc has a twelve month low of $18.06 and a twelve month high of $46.29.
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Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.
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