Zurcher Kantonalbank Zurich Cantonalbank Acquires 11,065 Shares of Smartsheet Inc (NYSE:SMAR)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Smartsheet Inc (NYSE:SMAR) by 44.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,801 shares of the company’s stock after purchasing an additional 11,065 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Smartsheet were worth $1,712,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CWM LLC raised its holdings in Smartsheet by 14.7% in the third quarter. CWM LLC now owns 3,044 shares of the company’s stock worth $123,000 after purchasing an additional 390 shares during the period. SG Americas Securities LLC increased its holdings in shares of Smartsheet by 170.8% in the third quarter. SG Americas Securities LLC now owns 9,382 shares of the company’s stock worth $380,000 after acquiring an additional 5,917 shares in the last quarter. Avior Wealth Management LLC lifted its holdings in shares of Smartsheet by 13.0% during the 3rd quarter. Avior Wealth Management LLC now owns 7,487 shares of the company’s stock valued at $303,000 after purchasing an additional 864 shares in the last quarter. Coronation Fund Managers Ltd. grew its position in shares of Smartsheet by 19.9% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 436,581 shares of the company’s stock valued at $17,664,000 after purchasing an additional 72,311 shares during the period. Finally, Oak Thistle LLC acquired a new position in shares of Smartsheet in the 3rd quarter valued at approximately $321,000. Institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on SMAR shares. Royal Bank of Canada dropped their target price on shares of Smartsheet from $48.00 to $36.00 and set a “sector perform” rating on the stock in a report on Friday, March 15th. Citigroup raised shares of Smartsheet from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $56.00 to $63.00 in a research report on Thursday, January 11th. UBS Group lowered their target price on Smartsheet from $60.00 to $54.00 and set a “buy” rating for the company in a report on Friday, March 15th. DA Davidson dropped their price target on Smartsheet from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $57.00 price objective on shares of Smartsheet in a report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.75.

Smartsheet Price Performance

NYSE SMAR opened at $38.36 on Thursday. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $52.81. The stock has a 50 day moving average of $39.95 and a 200-day moving average of $42.63.

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

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 2,247 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $45.03, for a total transaction of $101,182.41. Following the transaction, the insider now owns 12,129 shares of the company’s stock, valued at $546,168.87. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CRO Michael Arntz sold 7,572 shares of Smartsheet stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $44.81, for a total transaction of $339,301.32. Following the completion of the sale, the executive now owns 7,148 shares of the company’s stock, valued at approximately $320,301.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jolene Lau Marshall sold 2,247 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $45.03, for a total transaction of $101,182.41. Following the completion of the transaction, the insider now directly owns 12,129 shares in the company, valued at $546,168.87. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,387 shares of company stock worth $1,355,207. Insiders own 4.71% of the company’s stock.

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.