IFP Advisors Inc Acquires 2,037 Shares of Smartsheet Inc (NYSE:SMAR)

IFP Advisors Inc raised its stake in shares of Smartsheet Inc (NYSE:SMAR) by 592.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,381 shares of the company’s stock after purchasing an additional 2,037 shares during the quarter. IFP Advisors Inc’s holdings in Smartsheet were worth $133,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of SMAR. Fifth Third Bancorp bought a new position in Smartsheet in the 4th quarter valued at $26,000. Brooklyn Investment Group acquired a new stake in Smartsheet in the third quarter worth $28,000. Farther Finance Advisors LLC boosted its position in shares of Smartsheet by 123.2% during the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after purchasing an additional 398 shares in the last quarter. True Wealth Design LLC acquired a new position in Smartsheet in the third quarter valued at about $41,000. Finally, Longfellow Investment Management Co. LLC bought a new stake in shares of Smartsheet in the third quarter worth about $48,000. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Price Performance

Smartsheet stock opened at $56.47 on Wednesday. The company has a market cap of $7.91 billion, a price-to-earnings ratio of -941.17, a P/E/G ratio of 82.90 and a beta of 0.71. The firm has a 50-day moving average of $56.37 and a 200-day moving average of $55.04. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55.

Insider Activity at Smartsheet

In other 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 value of $111,980.00. Following the sale, the insider now directly owns 19,739 shares of the company’s stock, valued at approximately $1,105,186.61. This represents a 9.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark Patrick Mader sold 47,916 shares of Smartsheet stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $55.96, for a total value of $2,681,379.36. Following the transaction, the chief executive officer now owns 624,356 shares of the company’s stock, valued at $34,938,961.76. This represents a 7.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,916 shares of company stock valued at $3,186,069. Insiders own 4.52% of the company’s stock.

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. Guggenheim lowered shares of Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Seventeen investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $56.50.

Smartsheet Company 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.