Jacobs Levy Equity Management Inc. Raises Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Jacobs Levy Equity Management Inc. boosted its holdings in Smartsheet Inc (NYSE:SMAR) by 4.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,207,780 shares of the company’s stock after buying an additional 52,026 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.88% of Smartsheet worth $46,500,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after purchasing an additional 225,390 shares during the last quarter. Dorsal Capital Management LP increased its position in shares of Smartsheet by 4.0% during the 4th quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock valued at $154,220,000 after purchasing an additional 125,000 shares during the last quarter. Westfield Capital Management Co. LP increased its position in shares of Smartsheet by 9.0% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,706,943 shares of the company’s stock valued at $129,446,000 after purchasing an additional 224,513 shares during the last quarter. Coronation Fund Managers Ltd. increased its position in shares of Smartsheet by 44.2% during the 1st quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock valued at $59,683,000 after purchasing an additional 474,898 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Smartsheet during the 4th quarter valued at about $68,879,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Trading Down 1.7 %

Shares of NYSE:SMAR traded down $0.84 during midday trading on Tuesday, reaching $47.39. 718,012 shares of the company were exchanged, compared to its average volume of 1,519,144. The business’s fifty day moving average is $42.98 and its two-hundred day moving average is $42.04. Smartsheet Inc has a one year low of $35.52 and a one year high of $49.42. The stock has a market cap of $6.56 billion, a PE ratio of -76.63 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its earnings results on Wednesday, June 5th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. The firm had revenue of $262.98 million during the quarter, compared to analyst estimates of $258.06 million. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. As a group, sell-side analysts expect that Smartsheet Inc will post -0.24 EPS for the current year.

Analysts Set New Price Targets

SMAR has been the subject of several research reports. BMO Capital Markets upped their price target on shares of Smartsheet from $42.00 to $48.00 and gave the company an “outperform” rating in a research report on Thursday, June 6th. Morgan Stanley raised their target price on shares of Smartsheet from $51.00 to $53.00 and gave the stock an “overweight” rating in a research note on Thursday, June 6th. Royal Bank of Canada lifted their price target on shares of Smartsheet from $36.00 to $43.00 and gave the company a “sector perform” rating in a report on Thursday, June 6th. Canaccord Genuity Group upped their price target on shares of Smartsheet from $45.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price target on shares of Smartsheet in a research report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Smartsheet presently has an average rating of “Moderate Buy” and a consensus target price of $52.00.

Insider Activity at Smartsheet

In related news, COO Stephen Robert Branstetter sold 4,174 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $43.91, for a total transaction of $183,280.34. Following the sale, the chief operating officer now owns 68,067 shares of the company’s stock, valued at $2,988,821.97. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Jolene Lau Marshall sold 3,994 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 4,174 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $43.91, for a total transaction of $183,280.34. Following the completion of the transaction, the chief operating officer now owns 68,067 shares in the company, valued at $2,988,821.97. The disclosure for this sale can be found here. Insiders have sold a total of 34,390 shares of company stock valued at $1,484,631 over the last 90 days. 4.52% of the stock is owned by corporate insiders.

Smartsheet 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.