Smartsheet Inc (NYSE:SMAR) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its position in Smartsheet Inc (NYSE:SMAR) by 2.4% in the third quarter, Holdings Channel reports. The firm owned 11,538 shares of the company’s stock after acquiring an additional 266 shares during the period. Principal Financial Group Inc.’s holdings in Smartsheet were worth $639,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC lifted its stake in Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after buying an additional 13,621 shares during the last quarter. Vanguard Group Inc. grew its position in Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Smartsheet by 169.3% in the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock valued at $4,605,000 after purchasing an additional 65,670 shares during the period. Bailard Inc. purchased a new stake in shares of Smartsheet in the second quarter valued at about $3,435,000. Finally, Harbor Capital Advisors Inc. boosted its stake in shares of Smartsheet by 94.6% during the second quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company’s stock worth $3,050,000 after buying an additional 33,640 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SMAR shares. Wells Fargo & Company restated an “equal weight” rating and issued a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. William Blair restated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Truist Financial restated a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Barclays boosted their price target on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. One 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $55.82.

Insider Buying and Selling

In related news, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the sale, the insider now directly 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 document filed with the SEC, which is available through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction on Monday, November 4th. The shares were sold at an average price of $56.05, for a total value of $280,250.00. Following the sale, the chief executive officer now directly owns 578,762 shares in the company, valued at $32,439,610.10. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,194 shares of company stock worth $2,248,098. Corporate insiders own 4.52% of the company’s stock.

Smartsheet Stock Performance

Shares of NYSE:SMAR opened at $56.15 on Friday. The stock has a market capitalization of $7.80 billion, a P/E ratio of -181.12 and a beta of 0.74. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The stock has a 50-day simple moving average of $55.36 and a 200-day simple moving average of $48.51.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The business had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the business posted ($0.23) EPS. The company’s revenue was up 17.3% on a year-over-year basis. Analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has approved a share repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

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.