Wealth Enhancement Advisory Services LLC Increases Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Wealth Enhancement Advisory Services LLC boosted its position in shares of Smartsheet Inc (NYSE:SMAR) by 2.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,271 shares of the company’s stock after acquiring an additional 622 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Smartsheet were worth $1,620,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brooklyn Investment Group bought a new position in Smartsheet in the 3rd quarter valued at $28,000. Raleigh Capital Management Inc. purchased a new stake in shares of Smartsheet in the third quarter worth $31,000. Waldron Private Wealth LLC bought a new stake in Smartsheet during the third quarter valued at $33,000. Farther Finance Advisors LLC grew its position in 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 buying an additional 398 shares in the last quarter. Finally, True Wealth Design LLC bought a new position in Smartsheet in the 3rd quarter worth about $41,000. Institutional investors own 90.01% of the company’s stock.

Smartsheet Price Performance

SMAR opened at $56.31 on Thursday. The stock’s 50 day simple moving average is $56.03 and its 200 day simple moving average is $52.47. The firm has a market cap of $7.88 billion, a price-to-earnings ratio of -938.50, a PEG ratio of 82.24 and a beta of 0.71. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SMAR shares. Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Needham & Company LLC reiterated a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th. DA Davidson reissued a “neutral” rating and issued a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Canaccord Genuity Group lowered shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. One equities 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.82.

Insider Activity

In other news, CEO Mark Patrick Mader sold 47,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $55.96, for a total transaction of $2,681,379.36. Following the completion of the transaction, the chief executive officer now directly owns 624,356 shares of the company’s stock, valued at approximately $34,938,961.76. This represents a 7.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,205 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the sale, the insider now directly owns 18,695 shares in the company, valued at $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,121 shares of company stock valued at $3,645,543. 4.52% of the stock is currently owned by company insiders.

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.