Meeder Asset Management Inc. Sells 8,314 Shares of Smartsheet Inc (NYSE:SMAR)

Meeder Asset Management Inc. lowered its position in Smartsheet Inc (NYSE:SMAR) by 68.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,917 shares of the company’s stock after selling 8,314 shares during the quarter. Meeder Asset Management Inc.’s holdings in Smartsheet were worth $151,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in Smartsheet in the fourth quarter valued at $68,879,000. Granahan Investment Management LLC increased its stake in Smartsheet by 908.1% in the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after acquiring an additional 937,483 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in Smartsheet by 6,960.9% in the fourth quarter. Los Angeles Capital Management LLC now owns 628,138 shares of the company’s stock valued at $30,038,000 after acquiring an additional 619,242 shares during the last quarter. Coronation Fund Managers Ltd. increased its stake in Smartsheet by 44.2% in the first quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock valued at $59,683,000 after acquiring an additional 474,898 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Smartsheet by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 13,583,818 shares of the company’s stock valued at $649,578,000 after acquiring an additional 276,117 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Insider Activity at Smartsheet

In related news, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction of $189,762.24. Following the transaction, the chief operating officer now owns 63,795 shares in the company, valued at approximately $2,833,773.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction of $189,762.24. Following the transaction, the chief operating officer now owns 63,795 shares in the company, valued at approximately $2,833,773.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Pete Godbole sold 7,500 shares of Smartsheet stock in a transaction 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 owns 36,846 shares in the company, valued at $1,604,274.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,386 shares of company stock worth $1,388,439. 4.52% of the stock is owned by corporate insiders.

Smartsheet Trading Up 2.2 %

SMAR stock traded up $0.96 on Monday, hitting $44.47. The company had a trading volume of 809,140 shares, compared to its average volume of 1,511,731. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $49.42. The stock’s 50-day simple moving average is $41.60 and its 200 day simple moving average is $41.97. The stock has a market cap of $6.15 billion, a price-to-earnings ratio of -71.73 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Wednesday, June 5th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.06. The business had revenue of $262.98 million for the quarter, compared to analysts’ expectations of $258.06 million. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. Research analysts forecast that Smartsheet Inc will post -0.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SMAR. Needham & Company LLC restated a “buy” rating and set a $57.00 price target on shares of Smartsheet in a research report on Thursday, June 6th. KeyCorp began coverage on shares of Smartsheet in a research report on Thursday, March 21st. They set a “sector weight” rating for the company. UBS Group upped their price target on shares of Smartsheet from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Guggenheim reiterated a “buy” rating and set a $56.00 target price on shares of Smartsheet in a report on Tuesday, June 25th. Finally, Canaccord Genuity Group increased their target price on shares of Smartsheet from $45.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.00.

Smartsheet 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.