Pallas Capital Advisors LLC Acquires 6,263 Shares of Smartsheet Inc (NYSE:SMAR)

Pallas Capital Advisors LLC raised its holdings in Smartsheet Inc (NYSE:SMAR) by 30.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,050 shares of the company’s stock after acquiring an additional 6,263 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Smartsheet were worth $1,516,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SMAR. US Bancorp DE boosted its position in shares of Smartsheet by 12.9% in the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after purchasing an additional 200 shares during the last quarter. Landscape Capital Management L.L.C. boosted its holdings in Smartsheet by 0.3% during the third quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock worth $4,596,000 after buying an additional 225 shares during the last quarter. First Horizon Advisors Inc. grew its position in shares of Smartsheet by 25.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock worth $62,000 after buying an additional 228 shares during the period. Principal Financial Group Inc. increased its stake in shares of Smartsheet by 2.4% in the 3rd quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock valued at $639,000 after acquiring an additional 266 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in shares of Smartsheet by 2.1% in the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock valued at $734,000 after acquiring an additional 277 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $56.33 on Tuesday. The stock has a market capitalization of $7.89 billion, a PE ratio of -938.83, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71. The company’s 50-day moving average price is $56.02 and its two-hundred day moving average price is $52.38. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55.

Insider Buying and Selling

In other news, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction dated 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 of the company’s stock, valued at $34,736,206.05. This trade represents a 0.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jolene Lau Marshall sold 3,205 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the sale, the insider now directly owns 18,695 shares in the company, valued at approximately $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,121 shares of company stock worth $3,645,543. Corporate insiders own 4.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SMAR. Canaccord Genuity Group downgraded shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Needham & Company LLC restated a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th. DA Davidson reiterated a “neutral” rating and set a $56.50 target price (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Truist Financial restated a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, UBS Group reaffirmed a “neutral” rating and set a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $55.82.

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.