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 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 owns 578,762 shares in the company, valued at $32,439,610.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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 Down 0.1 %

SMAR stock opened at $55.96 on Friday. The company’s 50-day moving average price is $53.95 and its 200 day moving average price is $47.04. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The company has a market cap of $7.78 billion, a P/E ratio of -180.52 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period last year, the firm earned ($0.23) EPS. On average, equities research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has authorized 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 reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Quest Partners LLC grew its position in shares of Smartsheet by 36.6% in the third quarter. Quest Partners LLC now owns 6,981 shares of the company’s stock valued at $386,000 after purchasing an additional 1,871 shares during the last quarter. KCM Investment Advisors LLC purchased a new stake in Smartsheet in the 3rd quarter valued at approximately $239,000. CIBC Asset Management Inc purchased a new stake in Smartsheet in the 3rd quarter valued at approximately $222,000. ING Groep NV grew its holdings in Smartsheet by 224.4% during the 3rd quarter. ING Groep NV now owns 348,100 shares of the company’s stock valued at $19,271,000 after buying an additional 240,800 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new position in Smartsheet during the third quarter worth $7,828,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

SMAR has been the topic of a number of recent research reports. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Morgan Stanley upped 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. Canaccord Genuity Group reiterated a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. UBS Group restated a “neutral” rating and set a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently 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.