HighTower Advisors LLC Raises Stock Position in Smartsheet Inc (NYSE:SMAR)

HighTower Advisors LLC raised its stake in shares of Smartsheet Inc (NYSE:SMAR) by 2.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,361 shares of the company’s stock after purchasing an additional 1,105 shares during the quarter. HighTower Advisors LLC’s holdings in Smartsheet were worth $2,822,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new position in Smartsheet during the 4th quarter valued at $25,000. Fifth Third Bancorp bought a new stake in shares of Smartsheet during the 4th quarter valued at $26,000. Brooklyn Investment Group bought a new stake in shares of Smartsheet during the 3rd quarter valued at $28,000. True Wealth Design LLC bought a new stake in shares of Smartsheet during the 3rd quarter valued at $41,000. Finally, Longfellow Investment Management Co. LLC bought a new stake in shares of Smartsheet during the 3rd quarter valued at $48,000. 90.01% of the stock is 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 the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $56.07, for a total value of $280,350.00. Following the completion of the transaction, the chief executive officer now owns 619,515 shares of the company’s stock, valued at approximately $34,736,206.05. The trade was a 0.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 2,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.18, for a total value of $112,360.00. Following the completion of the transaction, the insider now directly owns 17,739 shares of the company’s stock, valued at approximately $996,577.02. This trade represents a 10.13 % decrease in their position. The disclosure for this sale can be found here. 4.52% of the stock is owned by insiders.

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 equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $57.00.

Smartsheet Stock Performance

Shares of NYSE:SMAR opened at $56.47 on Friday. Smartsheet Inc has a fifty-two week low of $36.27 and a fifty-two week high of $56.55. The business has a 50-day simple moving average of $56.46 and a two-hundred day simple moving average of $55.60. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of -941.17, a price-to-earnings-growth 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.