Insider Selling: Smartsheet Inc (NYSE:SMAR) Insider Sells 2,000 Shares of Stock

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 2,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.18, for a total transaction of $112,360.00. Following the completion of the transaction, the insider now owns 17,739 shares of the company’s stock, valued at approximately $996,577.02. The trade was a 10.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Jolene Lau Marshall also recently made the following trade(s):

• On Friday, December 13th, Jolene Lau Marshall sold 2,000 shares of Smartsheet stock. The shares were sold at an average price of $55.99, for a total transaction of $111,980.00.
• On Friday, November 15th, Jolene Lau Marshall sold 3,205 shares of Smartsheet stock. The stock was sold at an average price of $55.92, for a total value of $179,223.60.

Smartsheet Trading Up 0.2 %

Shares of SMAR traded up $0.14 during mid-day trading on Friday, hitting $56.20. The company’s stock had a trading volume of 3,033,238 shares, compared to its average volume of 2,884,769. The firm has a 50-day simple moving average of $56.03 and a 200 day simple moving average of $51.65. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The firm has a market capitalization of $7.87 billion, a P/E ratio of -936.67, a P/E/G ratio of 82.24 and a beta of 0.71.

Smartsheet announced that its Board of Directors has approved a stock repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently made changes to their positions in SMAR. Brooklyn Investment Group acquired a new stake in shares of Smartsheet in the third quarter valued at about $28,000. Raleigh Capital Management Inc. acquired a new stake in shares of Smartsheet during the 3rd quarter valued at approximately $31,000. International Assets Investment Management LLC acquired a new stake in shares of Smartsheet during the 2nd quarter valued at approximately $25,000. Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet during the 3rd quarter worth approximately $33,000. Finally, Farther Finance Advisors LLC grew its holdings in shares of Smartsheet by 123.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after acquiring an additional 398 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SMAR. Citigroup restated a “neutral” rating and set a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Needham & Company LLC restated a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $56.50 price target on shares of Smartsheet in a research report on Thursday, October 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 note on Thursday, September 26th. Finally, DA Davidson restated a “neutral” rating and issued a $56.50 price objective (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently 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.