Federated Hermes Inc. Buys 123,429 Shares of Smartsheet Inc (NYSE:SMAR)

Federated Hermes Inc. increased its stake in shares of Smartsheet Inc (NYSE:SMAR) by 15.4% in the fourth quarter, HoldingsChannel reports. The firm owned 927,000 shares of the company’s stock after buying an additional 123,429 shares during the period. Federated Hermes Inc.’s holdings in Smartsheet were worth $44,329,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Raymond James & Associates boosted its position in shares of Smartsheet by 4.5% in the 1st quarter. Raymond James & Associates now owns 19,514 shares of the company’s stock worth $1,069,000 after purchasing an additional 845 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in Smartsheet by 10.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 16,949 shares of the company’s stock worth $928,000 after acquiring an additional 1,567 shares in the last quarter. Citigroup Inc. boosted its holdings in Smartsheet by 7.0% in the first quarter. Citigroup Inc. now owns 25,608 shares of the company’s stock worth $1,403,000 after acquiring an additional 1,677 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Smartsheet by 8.1% during the first quarter. PNC Financial Services Group Inc. now owns 10,683 shares of the company’s stock worth $585,000 after acquiring an additional 803 shares during the last quarter. Finally, MetLife Investment Management LLC acquired a new position in shares of Smartsheet during the first quarter valued at about $431,000. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on SMAR. Citigroup upgraded shares of Smartsheet from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $56.00 to $63.00 in a research note on Thursday, January 11th. DA Davidson dropped their price objective on shares of Smartsheet from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Canaccord Genuity Group cut their target price on Smartsheet from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, March 18th. Oppenheimer lowered their price target on Smartsheet from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Finally, KeyCorp began coverage on Smartsheet in a report on Thursday, March 21st. They issued a “sector weight” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet has a consensus rating of “Moderate Buy” and an average target price of $49.75.

Insider Activity

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 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 directly owns 44,346 shares in the company, valued at $1,714,859.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Pete Godbole sold 10,129 shares of Smartsheet stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $38.67, for a total value of $391,688.43. Following the sale, the chief financial officer now owns 44,346 shares in the company, valued at $1,714,859.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 5,737 shares of the business’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total transaction of $219,268.14. Following the sale, the chief operating officer now directly owns 67,801 shares of the company’s stock, valued at approximately $2,591,354.22. The disclosure for this sale can be found here. Insiders have sold 33,387 shares of company stock worth $1,355,207 in the last ninety days. Company insiders own 4.71% of the company’s stock.

Smartsheet Stock Down 1.6 %

NYSE:SMAR opened at $36.82 on Friday. The company has a 50 day moving average price of $40.40 and a 200-day moving average price of $42.66. Smartsheet Inc has a 1-year low of $35.52 and a 1-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%. Analysts forecast that Smartsheet Inc will post -0.43 EPS for the current fiscal year.

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.