Insider Selling: Smartsheet Inc (NYSE:SMAR) CEO Sells 5,000 Shares of Stock

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $55.35, for a total transaction of $276,750.00. Following the transaction, the chief executive officer now directly owns 583,762 shares in the company, valued at $32,311,226.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• 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 0.2 %

Shares of NYSE SMAR traded up $0.13 during mid-day trading on Thursday, reaching $55.50. The company had a trading volume of 5,233,536 shares, compared to its average volume of 2,058,111. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of -89.52 and a beta of 0.74. The business’s 50-day moving average is $50.06 and its 200-day moving average is $44.03. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $55.60.

Smartsheet (NYSE:SMAR) last issued 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 return on equity of 4.29% and a negative net margin of 4.07%. The business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period in the previous year, the company posted ($0.23) EPS. Smartsheet’s revenue was up 17.3% on a year-over-year basis. As a group, equities research analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has approved a share repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

SMAR has been the subject of a number of research analyst reports. Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Morgan Stanley raised their target price on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Barclays boosted their target price on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. DA Davidson reissued a “neutral” rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $55.82.

Institutional Investors Weigh In On Smartsheet

Several large investors have recently modified their holdings of SMAR. Sei Investments Co. increased its holdings in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after buying an additional 24,823 shares during the period. CWM LLC lifted its stake in shares of Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after purchasing an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in shares of Smartsheet during the 1st quarter worth $1,512,000. Sirios Capital Management L P bought a new stake in Smartsheet during the fourth quarter valued at about $9,947,000. Finally, AMI Asset Management Corp purchased a new position in Smartsheet in the first quarter valued at about $3,990,000. 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.