Michael Arntz Sells 7,702 Shares of Smartsheet Inc (NYSE:SMAR) Stock

Smartsheet Inc (NYSE:SMAR) CRO Michael Arntz sold 7,702 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $39.44, for a total value of $303,766.88. Following the sale, the executive now owns 12,718 shares of the company’s stock, valued at approximately $501,597.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

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

Smartsheet Stock Performance

Shares of SMAR opened at $38.39 on Thursday. The business’s 50-day moving average is $43.09 and its two-hundred day moving average is $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 fifty-two week low of $35.52 and a fifty-two week high of $52.81.

Smartsheet (NYSE:SMAR) last announced its quarterly 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 for the quarter, compared to the consensus estimate of $254.99 million. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. Analysts forecast that Smartsheet Inc will post -0.43 EPS for the current year.

Institutional Investors Weigh In On Smartsheet

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

Analysts Set New Price Targets

A number of research firms have weighed in on SMAR. Citigroup upgraded Smartsheet from a “neutral” rating to a “buy” rating and upped their target price for the stock from $56.00 to $63.00 in a report on Thursday, January 11th. BMO Capital Markets lowered their target price on Smartsheet from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, March 18th. Wells Fargo & Company decreased their price objective on Smartsheet from $55.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, March 15th. UBS Group decreased their price objective on Smartsheet from $60.00 to $54.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, Barclays decreased their price objective on Smartsheet from $50.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Smartsheet presently has an average rating of “Moderate Buy” and a consensus price target of $49.75.

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.