Glynn Capital Management LLC Has $16.45 Million Stake in Smartsheet Inc (NYSE:SMAR)

Glynn Capital Management LLC trimmed its stake in Smartsheet Inc (NYSE:SMAR) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 343,970 shares of the company’s stock after selling 8,422 shares during the period. Smartsheet accounts for about 3.1% of Glynn Capital Management LLC’s investment portfolio, making the stock its 14th largest holding. Glynn Capital Management LLC’s holdings in Smartsheet were worth $16,449,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of SMAR. Treasurer of the State of North Carolina boosted its position in shares of Smartsheet by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 55,099 shares of the company’s stock worth $2,229,000 after purchasing an additional 280 shares in the last quarter. Cornercap Investment Counsel Inc. lifted its position in Smartsheet by 1.3% in the 4th quarter. Cornercap Investment Counsel Inc. now owns 22,860 shares of the company’s stock valued at $1,093,000 after acquiring an additional 285 shares in the last quarter. CWM LLC lifted its position in Smartsheet by 14.7% in the 3rd quarter. CWM LLC now owns 3,044 shares of the company’s stock valued at $123,000 after acquiring an additional 390 shares in the last quarter. Avior Wealth Management LLC lifted its position in Smartsheet by 5.9% in the 4th quarter. Avior Wealth Management LLC now owns 7,928 shares of the company’s stock valued at $379,000 after acquiring an additional 441 shares in the last quarter. Finally, Xponance Inc. increased its stake in Smartsheet by 3.9% in the 3rd quarter. Xponance Inc. now owns 18,082 shares of the company’s stock valued at $732,000 after buying an additional 684 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SMAR has been the subject of several analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Friday, March 15th. Bank of America began coverage on shares of Smartsheet in a research note on Monday, February 26th. They set an “underperform” rating and a $45.00 price target on the stock. Wells Fargo & Company reduced their price target on Smartsheet from $55.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Citigroup raised Smartsheet from a “neutral” rating to a “buy” rating and lifted their target price for the company from $56.00 to $63.00 in a report on Thursday, January 11th. Finally, BMO Capital Markets decreased their price target on Smartsheet from $48.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, March 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.75.

Insiders Place Their Bets

In other Smartsheet news, COO Stephen Robert Branstetter sold 5,737 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total value of $219,268.14. Following the transaction, the chief operating officer now directly owns 67,801 shares of the company’s stock, valued at $2,591,354.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Stephen Robert Branstetter sold 5,737 shares of Smartsheet stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total transaction of $219,268.14. Following the transaction, the chief operating officer now directly owns 67,801 shares of the company’s stock, valued at approximately $2,591,354.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 value of $339,301.32. Following the transaction, the executive now directly owns 7,148 shares in the company, valued at $320,301.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,387 shares of company stock valued at $1,355,207. Insiders own 4.71% of the company’s stock.

Smartsheet Price Performance

Shares of Smartsheet stock traded up $0.71 during trading on Wednesday, hitting $38.54. 525,366 shares of the company’s stock traded hands, compared to its average volume of 1,524,586. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $52.81. The stock has a market capitalization of $5.30 billion, a P/E ratio of -48.25 and a beta of 0.73. The business has a 50-day simple moving average of $39.47 and a 200-day simple moving average of $42.51.

Smartsheet (NYSE:SMAR) last announced its 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. The business had revenue of $256.95 million for the quarter, compared to analysts’ expectations of $254.99 million. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. On average, equities analysts predict that Smartsheet Inc will post -0.43 earnings per share for the current fiscal year.

About Smartsheet

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.