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

Federated Hermes Inc. increased its holdings in Smartsheet Inc (NYSE:SMAR) by 15.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 927,000 shares of the company’s stock after purchasing an additional 123,429 shares during the quarter. Federated Hermes Inc. owned 0.68% of Smartsheet worth $44,329,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Treasurer of the State of North Carolina increased its stake in shares of Smartsheet by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 55,099 shares of the company’s stock worth $2,229,000 after buying an additional 280 shares during the period. Delphia USA Inc. increased its position in shares of Smartsheet by 4.0% in the first quarter. Delphia USA Inc. now owns 7,260 shares of the company’s stock valued at $347,000 after acquiring an additional 281 shares during the period. Cornercap Investment Counsel Inc. increased its position in shares of Smartsheet by 1.3% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 22,860 shares of the company’s stock valued at $1,093,000 after acquiring an additional 285 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Smartsheet by 0.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,396 shares of the company’s stock valued at $2,968,000 after acquiring an additional 343 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in shares of Smartsheet by 1.0% during the third quarter. Royal Bank of Canada now owns 37,005 shares of the company’s stock worth $1,272,000 after purchasing an additional 364 shares during the period. 90.01% of the stock is owned by institutional investors.

Smartsheet Price Performance

Shares of SMAR opened at $36.82 on Friday. The business’s 50 day moving average price is $40.40 and its 200-day moving average price is $42.66. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $52.81.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, March 14th. The company reported ($0.05) EPS for the quarter, topping 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 business had revenue of $256.95 million for the quarter, compared to the consensus estimate of $254.99 million. On average, analysts forecast that Smartsheet Inc will post -0.43 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wells Fargo & Company reduced their price target on Smartsheet from $55.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Morgan Stanley reduced their target price on Smartsheet from $56.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Barclays dropped their price target on Smartsheet from $50.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, March 15th. Jefferies Financial Group reduced their price objective on shares of Smartsheet from $57.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, Royal Bank of Canada dropped their target price on shares of Smartsheet from $48.00 to $36.00 and set a “sector perform” rating for the company in a research report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $49.75.

Insider Buying and Selling

In other Smartsheet news, CRO Michael Arntz sold 7,572 shares of Smartsheet stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $44.81, for a total value of $339,301.32. Following the completion of the transaction, the executive now directly owns 7,148 shares of the company’s stock, valued at $320,301.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Pete Godbole sold 10,129 shares of the company’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 transaction, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at $1,714,859.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Michael Arntz sold 7,572 shares of Smartsheet stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $44.81, for a total value of $339,301.32. Following the completion of the sale, the executive now owns 7,148 shares of the company’s stock, valued at $320,301.88. The disclosure for this sale can be found here. Insiders have sold a total of 33,387 shares of company stock worth $1,355,207 in the last quarter. Corporate insiders own 4.71% of the company’s stock.

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.