Smartsheet Inc (NYSE:SMAR) CRO Sells $303,766.88 in Stock

Smartsheet Inc (NYSE:SMAR) CRO Michael Arntz sold 7,702 shares of Smartsheet stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $39.44, for a total transaction of $303,766.88. Following the completion of the transaction, the executive now owns 12,718 shares in the company, valued at approximately $501,597.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Michael Arntz also recently made the following trade(s):

• On Thursday, February 1st, Michael Arntz sold 7,572 shares of Smartsheet stock. The shares were sold at an average price of $44.81, for a total transaction of $339,301.32.
• On Tuesday, January 2nd, Michael Arntz sold 7,632 shares of Smartsheet stock. The shares were sold at an average price of $46.69, for a total transaction of $356,338.08.

Smartsheet Stock Performance

SMAR opened at $38.39 on Thursday. The company has a 50-day moving average of $43.09 and a 200-day moving average of $43.03. The company has a market capitalization of $5.23 billion, a P/E ratio of -48.59 and a beta of 0.75. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $52.81.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.17. The company had revenue of $256.95 million during the quarter, compared to the consensus estimate of $254.99 million. Smartsheet had a negative net margin of 10.92% and a negative return on equity of 16.57%. As a group, sell-side analysts expect that Smartsheet Inc will post -0.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SMAR. Citigroup upgraded shares of Smartsheet from a “neutral” rating to a “buy” rating and lifted their price target for the company from $56.00 to $63.00 in a report on Thursday, January 11th. Truist Financial raised their target price on shares of Smartsheet from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, December 8th. Wells Fargo & Company cut their target price on shares of Smartsheet from $55.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Royal Bank of Canada cut their target price on shares of Smartsheet from $48.00 to $36.00 and set a “sector perform” rating on the stock in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. cut their target price on shares of Smartsheet from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital World Investors boosted its holdings in shares of Smartsheet by 11.2% in the 1st quarter. Capital World Investors now owns 15,316,599 shares of the company’s stock valued at $839,084,000 after buying an additional 1,542,891 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Smartsheet by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 13,583,818 shares of the company’s stock valued at $649,578,000 after buying an additional 276,117 shares during the period. BlackRock Inc. boosted its holdings in shares of Smartsheet by 1.9% in the 2nd quarter. BlackRock Inc. now owns 7,044,582 shares of the company’s stock valued at $269,526,000 after buying an additional 130,431 shares during the period. Brown Capital Management LLC boosted its stake in Smartsheet by 5.7% during the 2nd quarter. Brown Capital Management LLC now owns 6,364,160 shares of the company’s stock valued at $243,493,000 after purchasing an additional 344,040 shares during the period. Finally, Eminence Capital LP boosted its stake in Smartsheet by 58.3% during the 3rd quarter. Eminence Capital LP now owns 3,329,155 shares of the company’s stock valued at $134,698,000 after purchasing an additional 1,226,189 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

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.