Los Angeles Capital Management LLC Cuts Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Los Angeles Capital Management LLC lowered its holdings in Smartsheet Inc (NYSE:SMAR) by 3.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 806,189 shares of the company’s stock after selling 29,751 shares during the period. Los Angeles Capital Management LLC owned about 0.58% of Smartsheet worth $45,171,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SMAR. Fifth Third Bancorp purchased a new position in Smartsheet in the fourth quarter worth $26,000. Brooklyn Investment Group purchased a new position in Smartsheet in the third quarter worth $28,000. Farther Finance Advisors LLC raised its stake in shares of Smartsheet by 123.2% in the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock valued at $40,000 after buying an additional 398 shares during the period. True Wealth Design LLC bought a new stake in shares of Smartsheet in the third quarter valued at $41,000. Finally, Longfellow Investment Management Co. LLC bought a new stake in shares of Smartsheet in the third quarter valued at $48,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SMAR. Guggenheim lowered Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Smartsheet in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $55.82.

Smartsheet Price Performance

Shares of SMAR stock opened at $56.47 on Tuesday. The stock has a market capitalization of $7.91 billion, a PE ratio of -941.17, a P/E/G ratio of 82.90 and a beta of 0.71. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The business has a 50-day moving average of $56.31 and a 200 day moving average of $54.67.

Insider Activity at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $56.07, for a total transaction of $280,350.00. Following the completion of the transaction, the chief executive officer now owns 619,515 shares of the company’s stock, valued at $34,736,206.05. This represents a 0.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $55.99, for a total value of $111,980.00. Following the transaction, the insider now directly owns 19,739 shares of the company’s stock, valued at $1,105,186.61. The trade was a 9.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,916 shares of company stock worth $3,186,069 in the last ninety days. 4.52% of the stock is owned by company insiders.

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.