Victory Capital Management Inc. Decreases Stock Position in Smartsheet Inc (NYSE:SMAR)

Victory Capital Management Inc. lowered its stake in Smartsheet Inc (NYSE:SMAR) by 91.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 18,837 shares of the company’s stock after selling 189,987 shares during the period. Victory Capital Management Inc.’s holdings in Smartsheet were worth $1,055,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in shares of Smartsheet in the fourth quarter worth about $25,000. Fifth Third Bancorp bought a new stake in shares of Smartsheet in the fourth quarter worth about $26,000. Brooklyn Investment Group bought a new stake in shares of Smartsheet in the third quarter worth about $28,000. True Wealth Design LLC bought a new stake in shares of Smartsheet in the third quarter worth about $41,000. Finally, Longfellow Investment Management Co. LLC bought a new stake in shares of Smartsheet in the third quarter worth about $48,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Stock Performance

Smartsheet stock opened at $56.47 on Friday. The stock’s 50 day simple moving average is $56.46 and its two-hundred day simple moving average is $55.55. The stock has a market cap 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 $36.27 and a fifty-two week high of $56.55.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 2,000 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 17,739 shares of the company’s stock, valued at $996,577.02. The trade was a 10.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $56.07, for a total value of $280,350.00. Following the completion of the sale, the chief executive officer now directly owns 619,515 shares in the company, valued at approximately $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 own 4.52% of the company’s stock.

Analysts Set New Price Targets

Separately, Needham & Company LLC reissued a “hold” rating on shares of Smartsheet in a research note on Friday, December 6th. Seventeen investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $57.00.

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.