JPMorgan Chase & Co. reduced its position in shares of Smartsheet Inc (NYSE:SMAR) by 37.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 710,408 shares of the company’s stock after selling 426,161 shares during the period. JPMorgan Chase & Co. owned approximately 0.69% of Smartsheet worth $22,207,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in SMAR. Victory Capital Management Inc. acquired a new stake in Smartsheet during the 3rd quarter worth about $143,000. Bank of New York Mellon Corp acquired a new stake in shares of Smartsheet during the 2nd quarter valued at about $230,000. Russell Investments Group Ltd. acquired a new stake in shares of Smartsheet during the 2nd quarter valued at about $275,000. Systematic Financial Management LP acquired a new stake in shares of Smartsheet during the 2nd quarter valued at about $307,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Smartsheet during the 2nd quarter valued at about $316,000. 40.88% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE SMAR opened at $26.90 on Monday. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 0.02. Smartsheet Inc has a 12 month low of $18.06 and a 12 month high of $33.98.
Several research firms recently weighed in on SMAR. Canaccord Genuity boosted their target price on Smartsheet from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, September 5th. SunTrust Banks boosted their target price on Smartsheet to $37.00 and gave the stock a “positive” rating in a report on Wednesday, September 5th. They noted that the move was a valuation call. Jefferies Financial Group boosted their target price on Smartsheet to $38.00 and gave the stock a “buy” rating in a report on Wednesday, September 5th. Morgan Stanley reduced their target price on Smartsheet from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Tuesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their target price on Smartsheet to $33.00 and gave the stock an “overweight” rating in a report on Wednesday, September 5th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Smartsheet has an average rating of “Buy” and an average price target of $34.14.
In other Smartsheet news, VP Kara Hamilton sold 30,000 shares of the business’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $23.10, for a total value of $693,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Brent Frei sold 20,000 shares of the business’s 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 disclosure for this sale can be found here. Insiders sold 116,186 shares of company stock worth $2,899,314 over the last quarter.
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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.
See Also: Cost of Equity
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