Smartsheet Inc (NYSE:SMAR) CEO Sells $276,750.00 in Stock

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total value of $276,750.00. Following the sale, the chief executive officer now owns 583,762 shares in the company, valued at approximately $32,311,226.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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 stock was sold at an average price of $51.78, for a total value of $1,035,600.00.

Smartsheet Price Performance

NYSE:SMAR opened at $55.53 on Friday. The stock has a market capitalization of $7.68 billion, a PE ratio of -89.56 and a beta of 0.75. The business’s 50-day simple moving average is $50.20 and its 200-day simple moving average is $44.19. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $55.60.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million for 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 quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the business posted ($0.23) earnings per share. On average, research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

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

Institutional Investors Weigh In On Smartsheet

A number of hedge funds and other institutional investors have recently bought and sold shares of SMAR. SG Americas Securities LLC grew its stake in shares of Smartsheet by 47.8% during the 3rd quarter. SG Americas Securities LLC now owns 5,364 shares of the company’s stock worth $297,000 after acquiring an additional 1,735 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Smartsheet during the second quarter worth $92,000. Sanctuary Advisors LLC bought a new position in Smartsheet in the second quarter valued at $1,122,000. Quarry LP increased its stake in Smartsheet by 541.6% in the 2nd quarter. Quarry LP now owns 7,218 shares of the company’s stock valued at $318,000 after buying an additional 6,093 shares during the last quarter. Finally, Clearline Capital LP lifted its position in Smartsheet by 145.5% during the 2nd quarter. Clearline Capital LP now owns 207,906 shares of the company’s stock worth $9,164,000 after buying an additional 123,204 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Ratings Changes

SMAR has been the subject of several research reports. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Needham & Company LLC reiterated a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Wells Fargo & Company restated an “equal weight” rating and set a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. UBS Group reiterated a “neutral” rating and set a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Finally, Morgan Stanley boosted their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Smartsheet has a consensus rating of “Hold” and an average target price of $55.82.

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.