Neuberger Berman Group LLC Has $3.77 Million Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Neuberger Berman Group LLC reduced its holdings in Smartsheet Inc (NYSE:SMAR) by 23.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 78,927 shares of the company’s stock after selling 23,789 shares during the quarter. Neuberger Berman Group LLC owned about 0.06% of Smartsheet worth $3,774,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Smartsheet by 2.0% in the third quarter. Vanguard Group Inc. now owns 13,307,701 shares of the company’s stock valued at $538,430,000 after purchasing an additional 261,836 shares during the last quarter. Eminence Capital LP grew its position in Smartsheet by 58.3% during the third quarter. Eminence Capital LP now owns 3,329,155 shares of the company’s stock worth $134,698,000 after buying an additional 1,226,189 shares in the last quarter. TimesSquare Capital Management LLC grew its position in Smartsheet by 8.9% during the third quarter. TimesSquare Capital Management LLC now owns 2,100,142 shares of the company’s stock worth $84,972,000 after buying an additional 172,009 shares in the last quarter. Norges Bank acquired a new stake in Smartsheet during the fourth quarter worth about $68,879,000. Finally, RGM Capital LLC acquired a new stake in Smartsheet during the third quarter worth about $50,705,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group decreased their target price on Smartsheet from $57.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Wells Fargo & Company cut their price target on shares of Smartsheet from $55.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Canaccord Genuity Group cut their price target on shares of Smartsheet from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, March 18th. JPMorgan Chase & Co. cut their price target on shares of Smartsheet from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Finally, Barclays cut their price target on shares of Smartsheet from $50.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, March 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Smartsheet currently has a consensus rating of “Moderate Buy” and an average target price of $49.75.

Smartsheet Stock Performance

Smartsheet stock traded down $1.05 on Friday, reaching $39.68. The company’s stock had a trading volume of 885,729 shares, compared to its average volume of 1,144,745. The company has a market cap of $5.45 billion, a price-to-earnings ratio of -50.23 and a beta of 0.73. The business’s fifty day moving average price is $38.98 and its 200 day moving average price is $42.48. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $52.81.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.17. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. The business had revenue of $256.95 million for the quarter, compared to analyst estimates of $254.99 million. As a group, equities analysts forecast that Smartsheet Inc will post -0.43 earnings per share for the current year.

Insider Activity

In other news, CRO Michael Arntz sold 7,702 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $39.44, for a total transaction of $303,766.88. Following the transaction, the executive now owns 12,718 shares of the company’s stock, valued at $501,597.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Pete Godbole sold 10,129 shares of the company’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $38.67, for a total value of $391,688.43. Following the completion of the sale, the chief financial officer now owns 44,346 shares in the company, valued at $1,714,859.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Michael Arntz sold 7,702 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $39.44, for a total value of $303,766.88. Following the completion of the sale, the executive now owns 12,718 shares of the company’s stock, valued at approximately $501,597.92. The disclosure for this sale can be found here. Insiders have sold 28,770 shares of company stock valued at $1,132,791 over the last 90 days. 4.52% of the stock is owned by company insiders.

About Smartsheet

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.