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 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 7,650 shares of the company’s stock, valued at approximately $366,000.

Other large investors have also made changes to their positions in the company. McGlone Suttner Wealth Management Inc. acquired a new stake in Smartsheet in the fourth quarter valued at approximately $33,000. Allworth Financial LP lifted its stake in shares of Smartsheet by 2,503.4% in the 4th quarter. Allworth Financial LP now owns 755 shares of the company’s stock valued at $36,000 after purchasing an additional 726 shares during the last quarter. Castleview Partners LLC bought a new stake in Smartsheet in the third quarter worth $39,000. DekaBank Deutsche Girozentrale acquired a new position in Smartsheet during the third quarter worth $105,000. Finally, CWM LLC raised its holdings in Smartsheet by 14.7% during the third quarter. CWM LLC now owns 3,044 shares of the company’s stock valued at $123,000 after buying an additional 390 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CFO Pete Godbole sold 10,129 shares of the business’s 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 transaction, 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 SEC, which is available through this link. In related news, CFO Pete Godbole sold 10,129 shares of the firm’s stock in a transaction 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 Securities & Exchange Commission, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 5,737 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total value of $219,268.14. Following the completion of the transaction, the chief operating officer now directly owns 67,801 shares in the company, valued at approximately $2,591,354.22. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,387 shares of company stock valued at $1,355,207. 4.71% of the stock is currently owned by company insiders.

Smartsheet Price Performance

Shares of Smartsheet stock traded down $0.13 during trading on Wednesday, hitting $36.58. 1,527,051 shares of the company’s stock traded hands, compared to its average volume of 1,844,307. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $52.81. The company has a market cap of $5.03 billion, a PE ratio of -46.30 and a beta of 0.73. The firm’s fifty day moving average price is $40.96 and its 200 day moving average price is $42.76.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SMAR shares. UBS Group lowered their price objective on Smartsheet from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Wells Fargo & Company lowered their price target on Smartsheet from $55.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Canaccord Genuity Group cut their price objective on Smartsheet from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, March 18th. BMO Capital Markets lowered their target price on Smartsheet from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, March 18th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.75.

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.