According to the latest disclosure with the Securities and Exchange Commission, Nelson Van Denburg & Campbell Wealth Management Group LLC has significantly increased its stake in Smartsheet Inc (NYSE:SMAR) during the second quarter of this year. The institutional investor now holds 6,623 shares of the company’s stock, a substantial increase from its initial investment of 14 shares. As of its most recent SEC filing, the total value of Nelson Van Denburg & Campbell Wealth Management Group LLC’s holdings in Smartsheet stands at $253,000.
Smartsheet, a leading software company listed on the New York Stock Exchange under the ticker symbol “SMAR,” recently announced its quarterly earnings data on Thursday, September 7th. The company reported earnings per share (EPS) of $0.16 for the quarter, beating analysts’ consensus estimate of $0.07 by $0.09. Smartsheet also demonstrated significant growth in revenue, with $235.60 million generated in the quarter compared to analyst estimates of $229.57 million.
Despite these positive results, Smartsheet had a negative net margin of 16.84% as well as a negative return on equity of 27.44%. However, it is important to note that during the same period last year, the company reported earnings per share of ($0.46), indicating a notable improvement in its overall financial performance.
Looking ahead, research analysts predict that Smartsheet Inc will post a loss per share (EPS) of -1 for the current fiscal year. This projection takes into consideration both recent developments within the company and market trends.
In other news concerning Smartsheet, CEO Mark Patrick Mader sold 21,120 shares of the company’s stock in a transaction that occurred on Monday, September 25th. The average selling price was $39.31 per share, resulting in a total transaction amounting to $830,227.20. Following the sale, Mader now holds 579,826 shares of Smartsheet, valued at approximately $22,792,960.06.
Additionally, CRO Michael Arntz sold 12,618 shares of Smartsheet stock on Friday, September 22nd at an average price of $39.73 per share. This transaction generated a total amount of $501,313.14. After the completion of this sale, Arntz currently owns 13,129 shares with an estimated value of $521,615.17.
These significant insider sales activities reflect actions taken by key personnel within Smartsheet to monetize their holdings in the company’s stock.
It is worth noting that over the last three months, insiders have collectively sold 186,761 shares of company stock valued at approximately $8,161,737. As a result of these transactions, company insiders now hold roughly 4.71% of Smartsheet’s outstanding shares.
Investors and industry observers are keeping a close eye on these developments as they may provide valuable insights into current market trends and the financial health of Smartsheet Inc.
As always when interpreting financial news or making investment decisions based on them it is recommended to consult with professional financial advisors and conduct thorough due diligence to ensure informed decision making about investments.
– Securities and Exchange Commission (SEC), official website
Ownership Changes and Investor Speculation Surrounding Smartsheet Inc
October 2, 2023 – Smartsheet Inc, a leading software company specializing in collaborative work management solutions, has seen changes in its ownership structure as various institutional investors make strategic moves with regards to the company’s stock. These recent developments have sparked curiosity and uncertainty among market observers.
One noteworthy change was made by International Assets Investment Management LLC, which acquired a new stake in Smartsheet during the first quarter of this year. The value of their investment amounted to approximately $29,000, highlighting their confidence in the company’s future prospects.
Another significant investor is Headlands Technologies LLC, whose holdings in Smartsheet increased by an astounding 87,100.0% during the same period. This surge can be attributed to their acquisition of an additional 871 shares, bringing their total ownership to 872 shares valued at $42,000.
Following suit is Pacer Advisors Inc., who entered into a new position with Smartsheet during the second quarter. This move represents an investment worth around $55,000 and underscores Pacer Advisors’ belief in the company’s growth potential.
Center for Financial Planning Inc. also expressed interest in Smartsheet during the first quarter by acquiring a new position worth approximately $68,000. Their decision further adds to the intrigue surrounding this innovative software company.
Lastly, Gyon Technologies Capital Management LP made headlines when it acquired a new position in Smartsheet during the fourth quarter of last year. This purchase was valued at $72,000 and demonstrated Gyon Technologies’ confidence in Smartsheet’s long-term success.
It is important to note that institutional investors and hedge funds currently hold up to 88.99% of Smartsheet’s stock. This emphasizes the significance that these investors place on being part of its journey towards further success.
On October 2nd, trading for NYSE SMAR opened at $40.46 per share. With a market capitalization of $5.47 billion, Smartsheet is considered a major player in the work management solutions industry. Despite an enviable position, the company still faces challenges and uncertainties within the market.
Investors are advised to exercise caution and seek guidance, as there is an ongoing debate regarding Smartsheet’s future performance. Several brokerages have offered insights into the company’s prospects, contributing to a sense of perplexity among potential investors.
Royal Bank of Canada has reiterated a “sector perform” rating for Smartsheet with a price target of $43.00 per share. Similarly, 888 has maintained its rating on the stock. Meanwhile, BMO Capital Markets has raised its price target from $44.00 to $50.00 and given the company an “outperform” rating.
Canaccord Genuity Group has also increased their price objective on Smartsheet from $50.00 to $53.00, providing further evidence of their confidence in the company’s potential growth.
Lastly, Needham & Company LLC reaffirmed a “buy” rating and set a target price of $57.00 on shares of Smartsheet. This positive outlook from multiple research firms reflects optimism surrounding the software company.
With four hold ratings and nine buy ratings recorded by Bloomberg’s data, Smartsheet currently holds an average rating of “Moderate Buy.” Moreover, analysts have established an average target price for the stock at approximately $51.53.
As October moves forward, market spectators eagerly await further updates and developments that will shape the narrative around this intriguing software giant.