Harbor Capital Advisors Inc., an investment company, recently announced that it has increased its holdings in Smartsheet Inc (NYSE:SMAR) by 32.2% during the second quarter of this year. According to their latest filing with the Securities and Exchange Commission (SEC), Harbor Capital Advisors now owns 25,815 shares of Smartsheet, after acquiring an additional 6,289 shares.
Smartsheet is a leading cloud-based platform that specializes in collaboration and project management tools. The company’s software enables organizations to streamline their work processes, improve efficiency, and enhance teamwork.
The increase in Harbor Capital Advisors’ stake signifies a growing confidence in the future prospects of Smartsheet. With businesses increasingly relying on digital tools for their organizational needs, Smartsheet’s offerings have gained popularity among various industries.
In other recent news related to Smartsheet, Director James N. White sold 150,000 shares of the company’s stock on September 12th for an average price of $44.72 per share. This transaction amounted to a total value of $6,708,000.00. Following this sale, Director White now holds 29,066 shares in the company worth approximately $1,299,831.52.
It is important to note that this transaction was fully disclosed by Smartsheet in a document filed with the SEC. Transparency and compliance are crucial when it comes to such transactions involving company insiders.
Overall, these developments reflect ongoing market activity surrounding Smartsheet Inc and show continued investor interest in the company’s potential for growth and profitability.
Disclaimer: The information presented above reflects data as of September 19th, 2023. Investors should conduct thorough research and seek professional advice before making any investment decisions based on this information alone.”;
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Institutional Investors Flock to Smartsheet: Examining Ownership Stakes and Market Interest
Institutional investors have been actively buying and selling shares of Smartsheet, according to recent reports. Companies such as Level Four Advisory Services LLC and Duality Advisers LP have increased their positions in Smartsheet by significant percentages, acquiring additional shares during the last quarter. This influx of investor activity has garnered attention from market observers, particularly considering the lofty figures involved.
For example, Level Four Advisory Services LLC now owns 10,388 shares of Smartsheet’s stock, valued at approximately $397,000. This represents a 10.9% increase in their position during the second quarter. Similarly, Duality Advisers LP has raised its position in Smartsheet by a staggering 175.9% during the first quarter, now owning 59,099 shares valued at around $2.8 million.
Macquarie Group Ltd., another institutional investor, demonstrated a more modest rise in its position in Smartsheet. The company experienced a 3.4% increase during the first quarter, resulting in ownership of 963,500 shares worth roughly $46 million. Legato Capital Management LLC also joined the fray by purchasing new shares of Smartsheet valued at approximately $507,000 during the first quarter.
Perhaps the most astonishing change came from Ameriprise Financial Inc., which raised its position in Smartsheet by an eye-popping 1,471.0% during the first quarter alone. The company now owns an impressive 1,246,539 shares valued at around $59.6 million.
What is striking about these numbers is that they represent only a fraction of the ownership stakes held by hedge funds and other institutional investors within Smartsheet. A whopping 88.99% of the stock is currently owned by such entities.
In light of this significant investor interest and rising ownership stakes within Smartsheet, it comes as no surprise that research reports have delved into analyzing the company. Wells Fargo & Company, for instance, recently decreased their target price on Smartsheet from $60 to $55 but still maintained an “overweight” rating for the stock. Other research reports from financial institutions such as Canaccord Genuity Group, Citigroup, and Needham & Company LLC have provided target prices and buy or neutral ratings as well.
This level of market scrutiny is reflected in the overall consensus price target for Smartsheet, which currently stands at $51.64 according to Bloomberg.com. Despite earning a moderate buy rating overall, with four analysts assigning a hold rating and ten assigning a buy rating to the stock, Smartsheet seems to be attracting considerable attention from investors.
On September 19, 2023, shares of Smartsheet opened at $41.52 on the New York Stock Exchange. Over the past year, the stock has fluctuated between a low of $25.09 and a high of $52.81 — perhaps indicative of its appeal in the market.
The recent quarterly earnings report released by Smartsheet on September 7th revealed positive news for investors. The company reported earnings per share (EPS) of $0.16 for the quarter, surpassing analysts’ estimates by $0.09. Additionally, their revenue during this period amounted to $235.60 million compared to the consensus estimate of $229.57 million.
Despite these positive financial results, it is worth noting that Smartsheet had negative return on equity (-27.44%) and a negative net margin (-16.84%). Nevertheless, their revenue saw a significant increase of 26.2% compared to the same period last year when they posted negative EPS of ($0.46).
As we look toward what lies ahead for Smartsheet Inc., equities analysts anticipate that it will post negative earnings per share for the current fiscal year amounting to -1 per share.
In conclusion, Smartsheet has captured the attention of institutional investors, with various companies increasing their positions in the stock. Market analysts have released research reports with target prices and ratings, reflecting the general interest in this technology company. While its financials show promise, there are certain indicators that highlight potential challenges for Smartsheet moving forward.
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