Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader Sells 20,000 Shares

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Smartsheet Stock Performance

Shares of NYSE:SMAR opened at $51.45 on Friday. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $54.50. The firm has a fifty day moving average of $48.61 and a 200 day moving average of $43.15. The firm has a market capitalization of $7.15 billion, a PE ratio of -82.98 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates 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%. Smartsheet’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.23) earnings per share. On average, sell-side analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several equities analysts have weighed in on the company. BMO Capital Markets increased their price objective on Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, September 6th. Morgan Stanley boosted their price objective on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Wells Fargo & Company increased their target price on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, June 6th. Royal Bank of Canada boosted their price target on shares of Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a research report on Friday, September 6th. Finally, Canaccord Genuity Group raised their price objective on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.06.

Institutional Trading of Smartsheet

A number of hedge funds have recently modified their holdings of SMAR. Sei Investments Co. raised its position in shares of Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after purchasing an additional 24,823 shares during the last quarter. Norges Bank purchased a new stake in shares of Smartsheet during the fourth quarter valued at approximately $68,879,000. CWM LLC raised its holdings in Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after acquiring an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC bought a new position in Smartsheet in the 1st quarter valued at approximately $1,512,000. Finally, Alberta Investment Management Corp purchased a new stake in Smartsheet during the 4th quarter valued at $1,219,000. Institutional investors own 90.01% of the company’s stock.

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.