Proficio Capital Partners LLC Invests $656,000 in Smartsheet Inc (NYSE:SMAR)

Proficio Capital Partners LLC purchased a new position in shares of Smartsheet Inc (NYSE:SMAR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 11,710 shares of the company’s stock, valued at approximately $656,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Citigroup Inc. boosted its stake in Smartsheet by 2,767.1% during the third quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock worth $45,589,000 after buying an additional 794,779 shares during the period. Polar Asset Management Partners Inc. acquired a new position in shares of Smartsheet in the 3rd quarter worth approximately $39,029,000. Alpine Associates Management Inc. acquired a new position in shares of Smartsheet in the 3rd quarter worth approximately $28,029,000. Westchester Capital Management LLC purchased a new position in shares of Smartsheet during the 3rd quarter worth approximately $24,772,000. Finally, Glenmede Trust Co. NA increased its holdings in Smartsheet by 464.4% in the 3rd quarter. Glenmede Trust Co. NA now owns 531,557 shares of the company’s stock valued at $29,427,000 after purchasing an additional 437,371 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction 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 approximately $34,736,206.05. This represents a 0.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jolene Lau Marshall sold 2,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $55.99, for a total transaction of $111,980.00. Following the completion of the transaction, the insider now directly owns 19,739 shares in the company, valued at $1,105,186.61. This trade represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,916 shares of company stock worth $3,186,069 in the last 90 days. Corporate insiders own 4.52% of the company’s stock.

Smartsheet Stock Performance

SMAR stock opened at $56.47 on Monday. The company’s 50 day moving average price is $56.39 and its 200 day moving average price is $55.18. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of -941.17, a PEG ratio of 82.90 and a beta of 0.71. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55.

Analyst Ratings Changes

A number of research firms have commented on SMAR. Needham & Company LLC restated a “hold” rating on shares of Smartsheet in a research note on Friday, December 6th. Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Seventeen analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $56.50.

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.