Pallas Capital Advisors LLC Buys Shares of 13,532 Smartsheet Inc (NYSE:SMAR)

Pallas Capital Advisors LLC purchased a new position in shares of Smartsheet Inc (NYSE:SMAR) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,532 shares of the company’s stock, valued at approximately $647,000.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Smartsheet during the fourth quarter worth $68,879,000. Swedbank AB purchased a new stake in shares of Smartsheet during the first quarter worth about $38,388,000. Granahan Investment Management LLC raised its position in shares of Smartsheet by 908.1% in the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after buying an additional 937,483 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Smartsheet by 6,960.9% during the fourth quarter. Los Angeles Capital Management LLC now owns 628,138 shares of the company’s stock valued at $30,038,000 after buying an additional 619,242 shares during the period. Finally, Coronation Fund Managers Ltd. boosted its position in Smartsheet by 44.2% during the first quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock worth $59,683,000 after acquiring an additional 474,898 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SMAR shares. Barclays increased their price target on Smartsheet from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 6th. Royal Bank of Canada upped their price objective on shares of Smartsheet from $36.00 to $43.00 and gave the company a “sector perform” rating in a research note on Thursday, June 6th. Canaccord Genuity Group boosted their target price on shares of Smartsheet from $45.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, June 6th. UBS Group boosted their price objective on shares of Smartsheet from $54.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 target price on shares of Smartsheet in a research report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.12.

Smartsheet Stock Performance

Shares of SMAR stock traded up $0.01 during mid-day trading on Wednesday, hitting $49.65. 65,212 shares of the stock traded hands, compared to its average volume of 1,462,391. The company’s 50-day simple moving average is $45.21 and its 200-day simple moving average is $42.13. The firm has a market cap of $6.87 billion, a price-to-earnings ratio of -80.32 and a beta of 0.74. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $50.38.

Smartsheet (NYSE:SMAR) last issued its earnings results on Wednesday, June 5th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. The business had revenue of $262.98 million for the quarter, compared to analysts’ expectations of $258.06 million. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. Analysts forecast that Smartsheet Inc will post -0.24 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares of the company’s stock, valued at approximately $823,878. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares in the company, valued at approximately $823,878. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the transaction, the chief operating officer now owns 61,791 shares in the company, valued at approximately $2,965,968. The disclosure for this sale can be found here. Insiders sold a total of 32,929 shares of company stock worth $1,446,805 in the last quarter. 4.52% of the stock is currently owned by corporate insiders.

Smartsheet 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.