Van ECK Associates Corp Purchases 1,622 Shares of Smartsheet Inc (NYSE:SMAR)

Van ECK Associates Corp boosted its position in Smartsheet Inc (NYSE:SMAR) by 3.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,231 shares of the company’s stock after acquiring an additional 1,622 shares during the period. Van ECK Associates Corp’s holdings in Smartsheet were worth $2,758,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SMAR. Citigroup Inc. increased its holdings in Smartsheet by 2,767.1% during the 3rd 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 period. Polar Asset Management Partners Inc. purchased a new position in shares of Smartsheet during the third quarter valued at approximately $39,029,000. Alpine Associates Management Inc. purchased a new position in shares of Smartsheet during the third quarter valued at approximately $28,029,000. Westchester Capital Management LLC bought a new position in shares of Smartsheet during the third quarter valued at approximately $24,772,000. Finally, Glenmede Trust Co. NA lifted its stake in Smartsheet by 464.4% in the third quarter. Glenmede Trust Co. NA now owns 531,557 shares of the company’s stock worth $29,427,000 after acquiring an additional 437,371 shares during the period. 90.01% of the stock is owned by institutional investors.

Smartsheet Price Performance

Shares of Smartsheet stock opened at $56.47 on Friday. The stock has a market cap of $7.91 billion, a price-to-earnings ratio of -941.17, a PEG ratio of 82.90 and a beta of 0.71. The firm’s 50-day moving average is $56.28 and its 200 day moving average is $54.37. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55.

Analysts Set New Price Targets

SMAR has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Smartsheet in a report on Friday, December 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $56.50 price target on shares of Smartsheet in a report on Thursday, October 24th. Finally, Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $55.82.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 2,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $55.99, for a total transaction of $111,980.00. Following the transaction, the insider now owns 19,739 shares in the company, valued at approximately $1,105,186.61. This represents a 9.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $56.07, for a total transaction of $280,350.00. Following the transaction, 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. Insiders have sold a total of 56,916 shares of company stock worth $3,186,069 in the last quarter. Corporate insiders own 4.52% of the company’s stock.

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.