Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader Sells 47,916 Shares of Stock

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 47,916 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $55.96, for a total transaction of $2,681,379.36. Following the completion of the sale, the chief executive officer now owns 624,356 shares in the company, valued at $34,938,961.76. This represents a 7.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, November 4th, Mark Patrick Mader sold 5,000 shares of Smartsheet stock. The shares were sold at an average price of $56.05, for a total transaction of $280,250.00.
• On Wednesday, October 2nd, Mark Patrick Mader sold 5,000 shares of Smartsheet stock. The stock was sold at an average price of $55.35, for a total transaction 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 Price Performance

NYSE:SMAR opened at $55.96 on Wednesday. The firm’s fifty day moving average price is $56.01 and its two-hundred day moving average price is $50.47. The company has a market cap of $7.83 billion, a P/E ratio of -932.67, a P/E/G ratio of 82.24 and a beta of 0.71. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55.

Smartsheet declared that its Board of Directors has approved a share buyback plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. International Assets Investment Management LLC acquired a new position in shares of Smartsheet in the second quarter valued at approximately $25,000. Brooklyn Investment Group acquired a new position in Smartsheet in the 3rd quarter valued at $28,000. Raleigh Capital Management Inc. bought a new position in Smartsheet during the 3rd quarter worth $31,000. Waldron Private Wealth LLC acquired a new stake in shares of Smartsheet during the third quarter worth $33,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares during the period. 90.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. UBS Group reiterated a “neutral” rating and issued a $56.50 price objective (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $57.00 target price on shares of Smartsheet in a research note on Tuesday, September 24th. Morgan Stanley boosted their target price on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. William Blair restated a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Guggenheim lowered Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.82.

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.