Pete Godbole Sells 10,129 Shares of Smartsheet Inc (NYSE:SMAR) Stock

Smartsheet Inc (NYSE:SMAR) CFO Pete Godbole sold 10,129 shares of Smartsheet stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $38.67, for a total transaction of $391,688.43. Following the completion of the sale, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at approximately $1,714,859.82. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Smartsheet Stock Performance

SMAR stock opened at $37.70 on Thursday. The firm has a market cap of $5.18 billion, a PE ratio of -47.72 and a beta of 0.73. The firm’s fifty day moving average is $40.80 and its 200 day moving average is $42.72. Smartsheet Inc has a one year low of $35.52 and a one year high of $52.81.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SMAR. Royal Bank of Canada dropped their price target on shares of Smartsheet from $48.00 to $36.00 and set a “sector perform” rating on the stock in a research note on Friday, March 15th. Needham & Company LLC reiterated a “buy” rating and set a $57.00 price target on shares of Smartsheet in a research note on Friday, March 15th. KeyCorp assumed coverage on shares of Smartsheet in a research note on Thursday, March 21st. They set a “sector weight” rating on the stock. Jefferies Financial Group lowered their target price on shares of Smartsheet from $57.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Smartsheet from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $49.75.

Hedge Funds Weigh In On Smartsheet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMAR. Raymond James & Associates lifted its holdings in Smartsheet by 4.5% during the first quarter. Raymond James & Associates now owns 19,514 shares of the company’s stock valued at $1,069,000 after purchasing an additional 845 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Smartsheet by 10.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 16,949 shares of the company’s stock valued at $928,000 after purchasing an additional 1,567 shares in the last quarter. Citigroup Inc. lifted its holdings in Smartsheet by 7.0% during the first quarter. Citigroup Inc. now owns 25,608 shares of the company’s stock valued at $1,403,000 after purchasing an additional 1,677 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Smartsheet by 8.1% during the first quarter. PNC Financial Services Group Inc. now owns 10,683 shares of the company’s stock valued at $585,000 after purchasing an additional 803 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new position in Smartsheet during the first quarter valued at $431,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.