Quadrature Capital Ltd Lowers Stock Position in Smartsheet Inc (NYSE:SMAR)

Quadrature Capital Ltd trimmed its position in shares of Smartsheet Inc (NYSE:SMAR) by 55.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,349 shares of the company’s stock after selling 23,208 shares during the period. Quadrature Capital Ltd’s holdings in Smartsheet were worth $878,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in Smartsheet by 3.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after acquiring an additional 402 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Smartsheet by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 13,583,818 shares of the company’s stock worth $649,578,000 after purchasing an additional 276,117 shares during the period. Granahan Investment Management LLC increased its position in Smartsheet by 908.1% during the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock worth $49,767,000 after purchasing an additional 937,483 shares in the last quarter. Sirios Capital Management L P purchased a new position in Smartsheet in the fourth quarter valued at approximately $9,947,000. Finally, Regal Investment Advisors LLC acquired a new position in Smartsheet during the fourth quarter valued at approximately $507,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Smartsheet Price Performance

NYSE SMAR opened at $41.22 on Friday. The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of -66.48 and a beta of 0.74. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $49.42. The company’s fifty day moving average price is $39.76 and its two-hundred day moving average price is $42.37.

Insider Activity

In related news, COO Stephen Robert Branstetter sold 5,737 shares of Smartsheet stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total value of $219,268.14. Following the completion of the transaction, the chief operating officer now directly owns 67,801 shares in the company, valued at $2,591,354.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Stephen Robert Branstetter sold 5,737 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total transaction of $219,268.14. Following the transaction, the chief operating officer now directly owns 67,801 shares in the company, valued at $2,591,354.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Pete Godbole sold 5,202 shares of Smartsheet stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $41.92, for a total transaction of $218,067.84. Following the completion of the transaction, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at approximately $1,858,984.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,742 shares of company stock worth $1,338,855. 4.52% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on SMAR. Wells Fargo & Company increased their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, June 6th. UBS Group raised their price objective on Smartsheet from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Jefferies Financial Group decreased their target price on Smartsheet from $57.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Royal Bank of Canada raised their target price on Smartsheet from $36.00 to $43.00 and gave the company a “sector perform” rating in a report on Thursday, June 6th. Finally, KeyCorp initiated coverage on Smartsheet in a research report on Thursday, March 21st. They set a “sector weight” rating on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Smartsheet has an average rating of “Moderate Buy” and a consensus target price of $51.75.

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.