Smartsheet Inc (NYSE:SMAR) Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its holdings in Smartsheet Inc (NYSE:SMAR) by 5.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,242 shares of the company’s stock after acquiring an additional 227 shares during the period. CIBC Asset Management Inc’s holdings in Smartsheet were worth $238,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Fifth Third Bancorp acquired a new stake in shares of Smartsheet in the fourth quarter valued at $26,000. Brooklyn Investment Group acquired a new stake in shares of Smartsheet in the third quarter valued at $28,000. Farther Finance Advisors LLC increased its position in shares of Smartsheet by 123.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock valued at $40,000 after purchasing an additional 398 shares during the last quarter. True Wealth Design LLC purchased a new stake in shares of Smartsheet in the 3rd quarter valued at approximately $41,000. Finally, Longfellow Investment Management Co. LLC purchased a new stake in shares of Smartsheet in the 3rd quarter valued at approximately $48,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Mark Patrick Mader sold 47,916 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 2,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $56.18, for a total value of $112,360.00. Following the completion of the transaction, the insider now directly owns 17,739 shares of the company’s stock, valued at approximately $996,577.02. The trade was a 10.13 % 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 valued at $3,186,069 in the last quarter. Company insiders own 4.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SMAR. Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Smartsheet in a report on Friday, December 6th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Price Performance

SMAR stock opened at $56.47 on Wednesday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The firm’s 50-day simple moving average is $56.32 and its 200 day simple moving average is $54.74. The stock has a market cap of $7.91 billion, a PE ratio of -941.17, a price-to-earnings-growth ratio of 82.90 and a beta of 0.71.

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.