Gardner Lewis Asset Management L P Takes $14.58 Million Position in Smartsheet Inc (NYSE:SMAR)

Gardner Lewis Asset Management L P acquired a new position in Smartsheet Inc (NYSE:SMAR) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 260,195 shares of the company’s stock, valued at approximately $14,579,000. Smartsheet accounts for 3.5% of Gardner Lewis Asset Management L P’s investment portfolio, making the stock its 7th largest position. Gardner Lewis Asset Management L P owned about 0.19% of Smartsheet at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Smartsheet by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 14,235,855 shares of the company’s stock valued at $797,635,000 after acquiring an additional 365,851 shares in the last quarter. State Street Corp grew its position in Smartsheet by 6.2% during the third quarter. State Street Corp now owns 2,492,949 shares of the company’s stock valued at $138,010,000 after purchasing an additional 146,353 shares in the last quarter. Geode Capital Management LLC increased its stake in Smartsheet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company’s stock valued at $123,545,000 after buying an additional 52,293 shares during the period. JPMorgan Chase & Co. increased its stake in Smartsheet by 47.8% in the 4th quarter. JPMorgan Chase & Co. now owns 2,054,433 shares of the company’s stock valued at $115,110,000 after buying an additional 664,871 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Smartsheet by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,282,883 shares of the company’s stock worth $71,880,000 after buying an additional 4,218 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $56.07, for a total value of $280,350.00. Following the transaction, the chief executive officer now directly owns 619,515 shares of the company’s stock, valued at $34,736,206.05. The trade was a 0.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.18, for a total value of $112,360.00. Following the transaction, the insider now owns 17,739 shares of the company’s stock, valued at approximately $996,577.02. This trade represents a 10.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.52% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC restated a “hold” rating on shares of Smartsheet in a report on Friday, December 6th. Sixteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Smartsheet currently has a consensus rating of “Hold” and a consensus target price of $57.00.

Smartsheet Stock Performance

Shares of NYSE SMAR opened at $56.47 on Friday. The business’s 50-day simple moving average is $56.47 and its 200-day simple moving average is $55.81. Smartsheet Inc has a 52 week low of $36.27 and a 52 week high of $56.55. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of -941.17, a P/E/G ratio of 82.90 and a beta of 0.71.

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.