Smartsheet Inc (NYSE:SMAR) Stock Holdings Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in shares of Smartsheet Inc (NYSE:SMAR) by 14.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 787,467 shares of the company’s stock after purchasing an additional 97,829 shares during the period. Bank of New York Mellon Corp’s holdings in Smartsheet were worth $34,712,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. 1620 Investment Advisors Inc. bought a new stake in Smartsheet during the second quarter valued at $74,000. Pallas Capital Advisors LLC acquired a new position in shares of Smartsheet in the 2nd quarter valued at about $647,000. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Smartsheet by 6,670.4% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 10,765 shares of the company’s stock valued at $469,000 after buying an additional 10,606 shares during the last quarter. Washington Capital Management Inc. raised its stake in Smartsheet by 2.1% during the second quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock worth $872,000 after acquiring an additional 400 shares during the period. Finally, First Horizon Advisors Inc. lifted its holdings in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the transaction, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Stephen Robert Branstetter sold 2,004 shares of the stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the transaction, the chief operating officer now owns 61,791 shares in the company, valued at approximately $2,965,968. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,929 shares of company stock worth $1,446,805. Corporate insiders own 4.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SMAR. Canaccord Genuity Group upped their target price on Smartsheet from $45.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Truist Financial restated a “buy” rating and set a $55.00 price objective on shares of Smartsheet in a research note on Monday, August 26th. Guggenheim reiterated a “buy” rating and issued a $56.00 target price on shares of Smartsheet in a research note on Tuesday, June 25th. Morgan Stanley upped their price target on shares of Smartsheet from $53.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, UBS Group lifted their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.41.

Smartsheet Price Performance

SMAR opened at $48.80 on Tuesday. The business has a 50 day moving average price of $46.38 and a two-hundred day moving average price of $42.32. The company has a market capitalization of $6.75 billion, a price-to-earnings ratio of -78.71 and a beta of 0.74. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $50.38.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Wednesday, June 5th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. The company had revenue of $262.98 million for the quarter, compared to the consensus estimate of $258.06 million. Equities analysts expect that Smartsheet Inc will post -0.21 EPS for the current fiscal year.

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.