Los Angeles Capital Management LLC Has $30.04 Million Position in Smartsheet Inc (NYSE:SMAR)

Los Angeles Capital Management LLC grew its stake in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 6,960.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 628,138 shares of the company's stock after purchasing an additional 619,242 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.46% of Smartsheet worth $30,038,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Andar Capital Management HK Ltd bought a new position in Smartsheet in the 4th quarter worth approximately $3,826,000. Victory Capital Management Inc. raised its stake in shares of Smartsheet by 24.7% during the fourth quarter. Victory Capital Management Inc. now owns 17,393 shares of the company's stock valued at $832,000 after purchasing an additional 3,444 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Smartsheet by 2.4% in the fourth quarter. Russell Investments Group Ltd. now owns 215,058 shares of the company's stock worth $10,286,000 after purchasing an additional 5,057 shares during the period. Truist Financial Corp bought a new position in Smartsheet in the 4th quarter valued at about $236,000. Finally, Stanley Laman Group Ltd. acquired a new position in Smartsheet during the 4th quarter valued at about $8,289,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Jefferies Financial Group decreased their price objective on shares of Smartsheet from $57.00 to $50.00 and set a "buy" rating for the company in a report on Friday, March 15th. BMO Capital Markets dropped their price objective on Smartsheet from $48.00 to $42.00 and set an "outperform" rating on the stock in a research note on Monday, March 18th. Oppenheimer decreased their target price on Smartsheet from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, March 15th. DA Davidson dropped their price target on shares of Smartsheet from $65.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, March 15th. Finally, UBS Group cut their price target on shares of Smartsheet from $60.00 to $54.00 and set a "buy" rating for the company in a report on Friday, March 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $49.75.

Smartsheet Price Performance

NYSE SMAR traded up $0.19 on Friday, hitting $38.58. 986,975 shares of the stock were exchanged, compared to its average volume of 1,456,981. The company's 50-day moving average price is $39.27 and its two-hundred day moving average price is $42.41. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of -48.83 and a beta of 0.73. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $52.81.

Smartsheet (NYSE:SMAR - Get Free Report) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.17. The business 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%. Equities analysts predict that Smartsheet Inc will post -0.43 EPS for the current fiscal year.

Insider Activity

In related news, COO Stephen Robert Branstetter sold 5,737 shares of the firm's stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $38.22, for a total transaction of $219,268.14. Following the completion of the sale, the chief operating officer now directly owns 67,801 shares in the company, valued at $2,591,354.22. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Smartsheet news, CFO Pete Godbole sold 10,129 shares of the company's stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $38.67, for a total value of $391,688.43. Following the transaction, the chief financial officer now directly owns 44,346 shares of the company's stock, valued at approximately $1,714,859.82. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 sale, the chief operating officer now directly owns 67,801 shares of the company's stock, valued at $2,591,354.22. The disclosure for this sale can be found here. Insiders have sold 23,568 shares of company stock worth $914,723 in the last 90 days. 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.