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

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction on Monday, November 4th. The shares were sold at an average price of $56.05, for a total value of $280,250.00. Following the completion of the transaction, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 shares were sold at an average price of $55.35, for a total value 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 transaction of $1,035,600.00.

Smartsheet Trading Up 0.5 %

Shares of Smartsheet stock opened at $56.08 on Thursday. The business’s fifty day simple moving average is $53.95 and its 200 day simple moving average is $47.04. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The firm has a market capitalization of $7.79 billion, a P/E ratio of -180.90 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.23) earnings per share. Analysts predict that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SMAR. Morgan Stanley raised their price objective on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. DA Davidson restated a “neutral” rating and issued a $56.50 price target (up from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Canaccord Genuity Group reissued a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Royal Bank of Canada restated a “sector perform” rating and issued a $56.50 price objective on shares of Smartsheet in a report on Thursday, October 24th. Finally, Barclays lifted their target price on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $55.82.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SMAR. Swedbank AB bought a new stake in Smartsheet in the 1st quarter valued at about $38,388,000. AQR Capital Management LLC raised its holdings in Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after acquiring an additional 881,004 shares during the period. Engaged Capital LLC purchased a new stake in shares of Smartsheet during the second quarter worth $29,600,000. Marshall Wace LLP raised its stake in shares of Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after purchasing an additional 533,278 shares during the period. Finally, Panagora Asset Management Inc. bought a new stake in shares of Smartsheet during the 2nd quarter valued at $21,254,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Company 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.