New York State Common Retirement Fund Boosts Stake in Smartsheet Inc (NYSE:SMAR)

New York State Common Retirement Fund grew its holdings in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 3.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,190,423 shares of the company's stock after purchasing an additional 36,161 shares during the quarter. New York State Common Retirement Fund owned about 0.87% of Smartsheet worth $56,926,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. CWM LLC lifted its position in Smartsheet by 14.7% during the third quarter. CWM LLC now owns 3,044 shares of the company's stock valued at $123,000 after purchasing an additional 390 shares during the last quarter. SG Americas Securities LLC increased its stake 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 buying an additional 5,917 shares during the period. Avior Wealth Management LLC increased its stake in shares of Smartsheet by 13.0% in the third quarter. Avior Wealth Management LLC now owns 7,487 shares of the company's stock worth $303,000 after buying an additional 864 shares during the period. Coronation Fund Managers Ltd. increased its stake in shares of Smartsheet by 19.9% in the third quarter. Coronation Fund Managers Ltd. now owns 436,581 shares of the company's stock worth $17,664,000 after buying an additional 72,311 shares during the period. Finally, Oak Thistle LLC bought a new stake in Smartsheet in the third quarter valued at $321,000. Institutional investors own 90.01% of the company's stock.

Smartsheet Stock Performance

SMAR stock traded up $0.07 during midday trading on Wednesday, reaching $38.36. The company's stock had a trading volume of 999,830 shares, compared to its average volume of 1,559,807. The stock has a fifty day simple moving average of $40.09 and a two-hundred day simple moving average of $42.66. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $52.81. The firm has a market capitalization of $5.27 billion, a price-to-earnings ratio of -48.67 and a beta of 0.73.

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SMAR. KeyCorp began coverage on shares of Smartsheet in a report on Thursday, March 21st. They set a "sector weight" rating on the stock. DA Davidson reduced their target price on shares of Smartsheet from $65.00 to $55.00 and set a "buy" rating for the company in a report on Friday, March 15th. Oppenheimer reduced their target price on shares of Smartsheet from $60.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, March 15th. Barclays reduced their target price on shares of Smartsheet from $50.00 to $40.00 and set an "equal weight" rating for the company in a report on Friday, March 15th. Finally, Needham & Company LLC restated a "buy" rating and issued a $57.00 price target on shares of Smartsheet in a research note on Friday, March 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Smartsheet currently has a consensus rating of "Moderate Buy" and an average target price of $49.75.

Insider Activity

In other news, CRO Michael Arntz sold 7,572 shares of the firm's stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $44.81, for a total transaction of $339,301.32. Following the transaction, the executive now owns 7,148 shares in the company, valued at $320,301.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CRO Michael Arntz sold 7,572 shares of the firm's stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $44.81, for a total transaction of $339,301.32. Following the sale, the executive now owns 7,148 shares of the company's stock, valued at $320,301.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 2,247 shares of the firm's stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $45.03, for a total value of $101,182.41. Following the sale, the insider now directly owns 12,129 shares in the company, valued at approximately $546,168.87. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,387 shares of company stock worth $1,355,207. Company insiders own 4.71% of the company's stock.

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.