Prosperity Wealth Management Inc. Invests $366,000 in Smartsheet Inc (NYSE:SMAR)

Prosperity Wealth Management Inc. purchased a new stake in Smartsheet Inc (NYSE:SMAR) in the fourth quarter, HoldingsChannel reports. The firm purchased 7,650 shares of the company’s stock, valued at approximately $366,000.

Other institutional investors have also made changes to their positions in the company. McGlone Suttner Wealth Management Inc. bought a new position in Smartsheet during the 4th quarter worth $33,000. Allworth Financial LP grew its holdings in shares of Smartsheet by 2,503.4% during the 4th quarter. Allworth Financial LP now owns 755 shares of the company’s stock worth $36,000 after purchasing an additional 726 shares in the last quarter. Castleview Partners LLC bought a new position in shares of Smartsheet in the third quarter worth $39,000. DekaBank Deutsche Girozentrale acquired a new position in Smartsheet in the third quarter valued at about $105,000. Finally, Captrust Financial Advisors lifted its position in Smartsheet by 202.7% during the second quarter. Captrust Financial Advisors now owns 3,530 shares of the company’s stock worth $111,000 after purchasing an additional 2,364 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wells Fargo & Company decreased their target price on shares of Smartsheet from $55.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. BMO Capital Markets decreased their price objective on shares of Smartsheet from $48.00 to $42.00 and set an “outperform” rating on the stock in a research note on Monday, March 18th. Barclays cut their target price on Smartsheet from $50.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, March 15th. DA Davidson reduced their target price on Smartsheet from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, Bank of America initiated coverage on Smartsheet in a report on Monday, February 26th. They set an “underperform” rating and a $45.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Smartsheet has a consensus rating of “Moderate Buy” and a consensus target price of $49.75.

Smartsheet Stock Down 0.4 %

Smartsheet stock traded down $0.13 during trading hours on Wednesday, hitting $36.58. The stock had a trading volume of 1,527,051 shares, compared to its average volume of 1,844,307. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of -46.30 and a beta of 0.73. The business’s 50 day simple moving average is $40.96 and its 200-day simple moving average is $42.76. Smartsheet Inc has a one year low of $35.52 and a one year high of $52.81.

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

Insider Transactions at Smartsheet

In related news, CRO Michael Arntz sold 7,572 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $44.81, for a total value of $339,301.32. Following the completion of the sale, the executive now directly owns 7,148 shares in the company, valued at $320,301.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Pete Godbole sold 10,129 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $38.67, for a total value of $391,688.43. Following the transaction, the chief financial officer now owns 44,346 shares in the company, valued at approximately $1,714,859.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Michael Arntz sold 7,572 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $44.81, for a total transaction of $339,301.32. Following the completion of the sale, the executive now directly owns 7,148 shares in the company, valued at $320,301.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,387 shares of company stock worth $1,355,207. Company insiders own 4.71% of the company’s stock.

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.