Smartsheet Inc (NYSE:SMAR) CEO Sells $1,035,600.00 in Stock

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the sale, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Smartsheet Stock Performance

SMAR opened at $51.44 on Friday. The business’s 50-day simple moving average is $48.61 and its 200-day simple moving average is $43.17. Smartsheet Inc has a one year low of $35.52 and a one year high of $54.50. The stock has a market capitalization of $7.15 billion, a P/E ratio of -82.97 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $274.23 million. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. The business’s revenue was up 17.3% compared to the same quarter last year. On average, equities research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

Institutional Trading of Smartsheet

Hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in shares of Smartsheet during the second quarter worth about $25,000. Versant Capital Management Inc purchased a new position in shares of Smartsheet during the second quarter worth about $31,000. Banque Cantonale Vaudoise purchased a new position in shares of Smartsheet during the first quarter worth about $29,000. First Horizon Advisors Inc. grew its holdings in shares of Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after buying an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new position in shares of Smartsheet during the first quarter worth about $35,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on SMAR shares. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 target price on shares of Smartsheet in a report on Friday, September 6th. BMO Capital Markets lifted their target price on Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, September 6th. Barclays lifted their target price on Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, September 6th. Wells Fargo & Company lifted their target price on Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, June 6th. Finally, Truist Financial lifted their target price on Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.06.

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.