Principal Financial Group Inc. Purchases 266 Shares of Smartsheet Inc (NYSE:SMAR)

Principal Financial Group Inc. increased its position in Smartsheet Inc (NYSE:SMAR) by 2.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 11,538 shares of the company’s stock after buying an additional 266 shares during the quarter. Principal Financial Group Inc.’s holdings in Smartsheet were worth $639,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SMAR. Zacks Investment Management purchased a new position in shares of Smartsheet in the third quarter valued at about $4,551,000. Verition Fund Management LLC grew its holdings in shares of Smartsheet by 1,149.0% during the third quarter. Verition Fund Management LLC now owns 322,103 shares of the company’s stock valued at $17,832,000 after buying an additional 296,314 shares during the last quarter. Maven Securities LTD purchased a new position in Smartsheet in the 3rd quarter worth about $3,875,000. Bank of Montreal Can purchased a new stake in Smartsheet in the second quarter worth approximately $3,274,000. Finally, New Millennium Group LLC bought a new stake in shares of Smartsheet in the third quarter worth $1,770,000. Institutional investors own 90.01% of the company’s stock.

Insiders Place Their Bets

In other Smartsheet news, CEO Mark Patrick Mader sold 47,916 shares of the business’s stock in a transaction that occurred 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 directly owns 624,356 shares of the company’s stock, valued at approximately $34,938,961.76. The trade was a 7.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet 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 transaction, the insider now directly owns 18,695 shares of the company’s stock, valued at approximately $1,045,424.40. This trade represents 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 60,121 shares of company stock valued at $3,365,193. 4.52% of the stock is currently owned by corporate insiders.

Smartsheet Trading Up 0.2 %

Shares of SMAR opened at $56.20 on Monday. The firm has a market cap of $7.87 billion, a PE ratio of -936.67, a P/E/G ratio of 82.24 and a beta of 0.71. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The stock has a fifty day moving average price of $56.03 and a 200-day moving average price of $51.72.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SMAR. Canaccord Genuity Group reissued 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. 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. BMO Capital Markets reiterated a “market perform” rating and set a $56.50 target price (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. William Blair reissued a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $55.82.

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.