Smartsheet Inc (NYSE:SMAR) CEO Sells $280,250.00 in Stock

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the transaction, the chief executive officer now directly owns 578,762 shares in the company, valued at $32,439,610.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Mark Patrick Mader also recently made the following trade(s):

• On Wednesday, October 2nd, Mark Patrick Mader sold 5,000 shares of Smartsheet stock. The stock was sold at an average price of $55.35, for a total transaction of $276,750.00.
• On Thursday, September 19th, Mark Patrick Mader sold 20,000 shares of Smartsheet stock. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00.

Smartsheet Price Performance

Shares of NYSE:SMAR traded up $0.28 on Wednesday, hitting $56.08. The company’s stock had a trading volume of 3,149,055 shares, compared to its average volume of 2,179,308. The company has a market capitalization of $7.79 billion, a PE ratio of -180.45 and a beta of 0.74. The company has a 50-day simple moving average of $53.80 and a 200 day simple moving average of $46.98. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. 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 firm posted ($0.23) earnings per share. Smartsheet’s quarterly revenue was up 17.3% on a year-over-year basis. On average, equities research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SMAR. Citigroup restated a “neutral” rating and issued a $56.50 price objective (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Guggenheim lifted their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Barclays lifted their price target on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Smartsheet currently has a consensus rating of “Hold” and a consensus target price of $55.82.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE lifted its stake in Smartsheet by 12.9% during the third 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. First Horizon Advisors Inc. lifted its position in Smartsheet by 37.5% in the 2nd 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. Principal Financial Group Inc. boosted its stake in Smartsheet by 2.4% in the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock worth $639,000 after buying an additional 266 shares in the last quarter. Atria Investments Inc boosted its stake in Smartsheet by 3.1% in the third quarter. Atria Investments Inc now owns 9,749 shares of the company’s stock worth $540,000 after buying an additional 289 shares in the last quarter. Finally, Amalgamated Bank grew its position in Smartsheet by 3.5% during the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock valued at $383,000 after acquiring an additional 294 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.