Smartsheet Inc (NYSE:SMAR) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its stake in shares of Smartsheet Inc (NYSE:SMAR) by 78.1% during the fourth quarter, Holdings Channel reports. The fund owned 2,918 shares of the company’s stock after selling 10,387 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Smartsheet were worth $163,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Amalgamated Bank boosted its stake in shares of Smartsheet by 2.6% during the 4th quarter. Amalgamated Bank now owns 8,709 shares of the company’s stock worth $488,000 after purchasing an additional 217 shares during the last quarter. CIBC Asset Management Inc lifted its stake in shares of Smartsheet by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 4,242 shares of the company’s stock valued at $238,000 after buying an additional 227 shares during the period. First Horizon Advisors Inc. boosted its position in Smartsheet by 25.5% during the third quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock worth $62,000 after acquiring an additional 228 shares during the last quarter. Principal Financial Group Inc. grew its stake in Smartsheet by 2.4% in the 3rd quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock worth $639,000 after acquiring an additional 266 shares during the period. Finally, Larson Financial Group LLC raised its holdings in Smartsheet by 2.1% in the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock valued at $734,000 after acquiring an additional 277 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Price Performance

Smartsheet stock opened at $56.47 on Monday. The company 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 Inc has a 12 month low of $36.27 and a 12 month high of $56.55. The stock’s 50-day moving average is $56.46 and its 200-day moving average is $55.72.

Insider Buying and Selling

In related news, CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $56.07, for a total transaction of $280,350.00. Following the sale, the chief executive officer now directly owns 619,515 shares in the company, valued at approximately $34,736,206.05. This trade represents a 0.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 2,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.18, for a total transaction of $112,360.00. Following the completion of the transaction, the insider now 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 disclosure for this sale can be found here. Corporate insiders own 4.52% of the company’s stock.

Analysts Set New Price Targets

Separately, Needham & Company LLC reissued a “hold” rating on shares of Smartsheet in a research note on Friday, December 6th. Sixteen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $57.00.

About Smartsheet

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.