Goldman Sachs Group Inc. Trims Stake in Smartsheet Inc (NYSE:SMAR)

Goldman Sachs Group Inc. cut its stake in Smartsheet Inc (NYSE:SMAR) by 0.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,287,936 shares of the company’s stock after selling 10,893 shares during the period. Goldman Sachs Group Inc. owned about 0.95% of Smartsheet worth $61,589,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Smartsheet by 2.0% in the third quarter. Vanguard Group Inc. now owns 13,307,701 shares of the company’s stock worth $538,430,000 after purchasing an additional 261,836 shares during the last quarter. Eminence Capital LP grew its holdings in shares of Smartsheet by 58.3% in the third quarter. Eminence Capital LP now owns 3,329,155 shares of the company’s stock worth $134,698,000 after purchasing an additional 1,226,189 shares during the last quarter. Dorsal Capital Management LP grew its holdings in shares of Smartsheet by 4.0% in the fourth quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock worth $154,220,000 after purchasing an additional 125,000 shares during the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of Smartsheet by 9.0% in the fourth quarter. Westfield Capital Management Co. LP now owns 2,706,943 shares of the company’s stock worth $129,446,000 after purchasing an additional 224,513 shares during the last quarter. Finally, TimesSquare Capital Management LLC grew its holdings in shares of Smartsheet by 8.9% in the third quarter. TimesSquare Capital Management LLC now owns 2,100,142 shares of the company’s stock worth $84,972,000 after purchasing an additional 172,009 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Trading Down 1.5 %

NYSE:SMAR opened at $41.24 on Wednesday. The company has a market cap of $5.71 billion, a PE ratio of -66.52 and a beta of 0.75. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $49.42. The company’s 50 day moving average is $39.65 and its two-hundred day moving average is $42.38.

Insiders Place Their Bets

In other Smartsheet news, CFO Pete Godbole sold 7,500 shares of Smartsheet stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $43.54, for a total transaction of $326,550.00. Following the completion of the sale, the chief financial officer now directly owns 36,846 shares in the company, valued at approximately $1,604,274.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Smartsheet news, CFO Pete Godbole sold 7,500 shares of Smartsheet stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $43.54, for a total transaction of $326,550.00. Following the completion of the sale, the chief financial officer now directly owns 36,846 shares in the company, valued at approximately $1,604,274.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 5,737 shares of the business’s stock in a transaction 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 transaction, the chief operating officer now owns 67,801 shares of the company’s stock, valued at $2,591,354.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 40,444 shares of company stock valued at $1,642,622. Insiders own 4.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SMAR. UBS Group upped their price target on shares of Smartsheet from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Royal Bank of Canada raised their target price on shares of Smartsheet from $36.00 to $43.00 and gave the company a “sector perform” rating in a research report on Thursday, June 6th. Wells Fargo & Company raised their target price on shares of Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, June 6th. Needham & Company LLC reissued a “buy” rating and set a $57.00 target price on shares of Smartsheet in a research report on Thursday, June 6th. Finally, JPMorgan Chase & Co. cut their target price on shares of Smartsheet from $54.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.75.

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.