CI Global Investments Inc. Buys Shares of 398,542 Smartsheet Inc (SMAR)
CI Global Investments Inc. bought a new stake in shares of Smartsheet Inc (NYSE:SMAR) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 398,542 shares of the company’s stock, valued at approximately $12,458,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. raised its stake in Smartsheet by 10.7% during the 3rd quarter. BlackRock Inc. now owns 751,415 shares of the company’s stock valued at $23,489,000 after buying an additional 72,383 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Smartsheet in the 3rd quarter worth $143,000. Hodges Capital Management Inc. purchased a new stake in shares of Smartsheet in the 3rd quarter worth $4,946,000. Northern Trust Corp purchased a new stake in shares of Smartsheet in the 2nd quarter worth $1,632,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Smartsheet in the 2nd quarter worth $230,000. Institutional investors and hedge funds own 40.88% of the company’s stock.
In other Smartsheet news, Director Brent Frei sold 20,000 shares of the stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $25.50, for a total value of $510,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Arntz sold 4,000 shares of the stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $26.24, for a total value of $104,960.00. The disclosure for this sale can be found here. Insiders sold a total of 108,686 shares of company stock valued at $2,720,564 in the last quarter.
Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Tuesday, September 4th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.08. The company had revenue of $42.38 million during the quarter, compared to analysts’ expectations of $39.21 million. The business’s revenue for the quarter was up 58.9% on a year-over-year basis. As a group, research analysts predict that Smartsheet Inc will post -0.68 EPS for the current year.
SMAR has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price objective on Smartsheet to $33.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 5th. Morgan Stanley reduced their price objective on Smartsheet from $36.00 to $33.00 and set an “overweight” rating for the company in a research note on Tuesday, October 23rd. Zacks Investment Research lowered Smartsheet from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Canaccord Genuity upped their price objective on Smartsheet from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, September 5th. Finally, Jefferies Financial Group upped their price objective on Smartsheet to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, September 5th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $34.86.
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Smartsheet Company Profile
Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.
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