Fifth Third Bancorp Buys Shares of 467 Smartsheet Inc (NYSE:SMAR)

Fifth Third Bancorp purchased a new position in shares of Smartsheet Inc (NYSE:SMAR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 467 shares of the company’s stock, valued at approximately $26,000.

Several other institutional investors have also recently made changes to their positions in SMAR. Brooklyn Investment Group acquired a new position in shares of Smartsheet during the third quarter worth $28,000. Raleigh Capital Management Inc. acquired a new position in Smartsheet during the 3rd quarter valued at about $31,000. Waldron Private Wealth LLC purchased a new stake in Smartsheet in the third quarter valued at about $33,000. Farther Finance Advisors LLC boosted its holdings in Smartsheet by 123.2% in the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after acquiring an additional 398 shares in the last quarter. Finally, True Wealth Design LLC purchased a new stake in shares of Smartsheet during the third quarter worth about $41,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Stock Performance

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

Wall Street Analyst Weigh In

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

Insider Activity

In other news, insider Jolene Lau Marshall sold 3,205 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the sale, the insider now owns 18,695 shares in the company, valued at $1,045,424.40. This trade represents a 14.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,121 shares of company stock worth $3,365,293 over the last three months. Insiders own 4.52% of the company’s stock.

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.