Nordea Investment Management AB Acquires 19,563 Shares of Smartsheet Inc (NYSE:SMAR)

Nordea Investment Management AB lifted its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 11.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 196,922 shares of the company’s stock after acquiring an additional 19,563 shares during the quarter. Nordea Investment Management AB’s holdings in Smartsheet were worth $11,031,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Zacks Investment Management purchased a new stake in shares of Smartsheet during the 3rd quarter valued at $4,551,000. Verition Fund Management LLC grew its position in Smartsheet by 1,149.0% during the third quarter. Verition Fund Management LLC now owns 322,103 shares of the company’s stock valued at $17,832,000 after buying an additional 296,314 shares during the period. Maven Securities LTD purchased a new stake in Smartsheet during the third quarter worth about $3,875,000. Bank of Montreal Can bought a new stake in Smartsheet in the second quarter worth about $3,274,000. Finally, New Millennium Group LLC purchased a new position in Smartsheet in the third quarter valued at about $1,770,000. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Jolene Lau Marshall sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $56.18, for a total value of $112,360.00. Following the sale, the insider now directly owns 17,739 shares of the company’s stock, valued at $996,577.02. This trade represents a 10.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 47,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $55.96, for a total transaction of $2,681,379.36. Following the completion of the transaction, the chief executive officer now directly owns 624,356 shares of the company’s stock, valued at approximately $34,938,961.76. This represents a 7.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,121 shares of company stock worth $3,645,543 over the last ninety days. 4.52% of the stock is owned by corporate insiders.

Smartsheet Price Performance

SMAR opened at $56.24 on Thursday. The firm has a market capitalization of $7.87 billion, a P/E ratio of -937.33, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55. The company has a fifty day moving average price of $56.01 and a 200-day moving average price of $52.02.

Wall Street Analysts Forecast Growth

SMAR has been the subject of several research analyst reports. Wells Fargo & Company restated an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. William Blair reiterated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. DA Davidson restated a “neutral” rating and issued a $56.50 price objective (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Citigroup reaffirmed a “neutral” rating and set a $56.50 price objective (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Smartsheet has a consensus rating of “Hold” and an average price target of $55.82.

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.