Smartsheet Inc (NYSE:SMAR) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its holdings in Smartsheet Inc (NYSE:SMAR) by 2.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,538 shares of the company’s stock after buying an additional 266 shares during the period. Principal Financial Group Inc.’s holdings in Smartsheet were worth $639,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. CWM LLC boosted its holdings in shares of Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after purchasing an additional 13,621 shares during the last quarter. Vanguard Group Inc. boosted its stake in Smartsheet by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after buying an additional 225,390 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Smartsheet by 169.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock valued at $4,605,000 after buying an additional 65,670 shares in the last quarter. Bailard Inc. acquired a new stake in shares of Smartsheet in the 2nd quarter worth $3,435,000. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Smartsheet by 94.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company’s stock worth $3,050,000 after acquiring an additional 33,640 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the sale, the chief executive officer now owns 578,762 shares of the company’s stock, valued at approximately $32,439,610.10. This trade represents a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total value of $180,656.89. Following the sale, the insider now owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,194 shares of company stock worth $2,248,098 over the last 90 days. 4.52% of the stock is owned by insiders.

Smartsheet Trading Up 0.5 %

Smartsheet stock opened at $56.15 on Friday. The firm has a market capitalization of $7.80 billion, a P/E ratio of -181.12 and a beta of 0.74. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The stock’s fifty day simple moving average is $55.36 and its 200-day simple moving average is $48.51.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. Smartsheet’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.23) EPS. Sell-side analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has authorized a stock repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently issued reports on SMAR. Needham & Company LLC restated a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Morgan Stanley increased their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. William Blair restated a “market perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $56.50 price target on shares of Smartsheet in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $55.82.

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.