KBC Group NV Increases Holdings in Smartsheet Inc (NYSE:SMAR)

KBC Group NV boosted its position in Smartsheet Inc (NYSE:SMAR) by 30.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,855 shares of the company’s stock after buying an additional 1,143 shares during the period. KBC Group NV’s holdings in Smartsheet were worth $272,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Citigroup Inc. boosted its holdings in Smartsheet by 2,767.1% in the third quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock valued at $45,589,000 after purchasing an additional 794,779 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new stake in Smartsheet during the third quarter worth about $39,029,000. Alpine Associates Management Inc. purchased a new position in Smartsheet during the third quarter valued at approximately $28,029,000. Westchester Capital Management LLC acquired a new position in Smartsheet in the third quarter valued at approximately $24,772,000. Finally, Glenmede Trust Co. NA boosted its position in Smartsheet by 464.4% in the 3rd quarter. Glenmede Trust Co. NA now owns 531,557 shares of the company’s stock worth $29,427,000 after purchasing an additional 437,371 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $56.47 on Tuesday. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55. The stock has a market cap of $7.91 billion, a P/E ratio of -941.17, a PEG ratio of 82.90 and a beta of 0.71. The business has a fifty day moving average of $56.17 and a two-hundred day moving average of $53.62.

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $55.99, for a total value of $111,980.00. Following the transaction, the insider now directly owns 19,739 shares in the company, valued at approximately $1,105,186.61. This represents a 9.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction on Monday, January 6th. The shares were sold at an average price of $56.07, for a total value of $280,350.00. Following the completion of the sale, the chief executive officer now owns 619,515 shares in the company, valued at $34,736,206.05. This represents a 0.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,121 shares of company stock valued at $3,365,293. 4.52% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SMAR has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Smartsheet in a report on Friday, December 6th. Guggenheim cut Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $56.50 price objective on shares of Smartsheet in a report on Thursday, October 24th. 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 company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price 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.