Smartsheet Inc (NYSE:SMAR) Insider Jolene Lau Marshall Sells 2,000 Shares

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 2,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $55.99, for a total transaction of $111,980.00. Following the completion of the transaction, the insider now directly owns 19,739 shares in the company, valued at $1,105,186.61. This trade represents a 9.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• 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.
• On Tuesday, October 1st, Jolene Lau Marshall sold 3,571 shares of Smartsheet stock. The shares were sold at an average price of $55.37, for a total transaction of $197,726.27.

Smartsheet Trading Down 0.1 %

Shares of NYSE:SMAR opened at $55.96 on Wednesday. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The stock has a market capitalization of $7.83 billion, a PE ratio of -932.67, a PEG ratio of 82.24 and a beta of 0.71. The firm has a 50 day moving average of $56.01 and a 200-day moving average of $50.47.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Zacks Investment Management acquired a new stake in Smartsheet in the third quarter valued at approximately $4,551,000. Assenagon Asset Management S.A. grew its position in Smartsheet by 169.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock worth $4,605,000 after acquiring an additional 65,670 shares during the last quarter. Bailard Inc. acquired a new position in Smartsheet in the 2nd quarter worth about $3,435,000. Verition Fund Management LLC raised its position in Smartsheet by 1,149.0% in the third quarter. Verition Fund Management LLC now owns 322,103 shares of the company’s stock valued at $17,832,000 after purchasing an additional 296,314 shares during the last quarter. Finally, Maven Securities LTD bought a new position in Smartsheet in the third quarter valued at about $3,875,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Canaccord Genuity Group restated a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. William Blair restated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $56.50 target price on shares of Smartsheet in a research note on Thursday, October 24th. Citigroup reissued a “neutral” rating and set a $56.50 target price (down previously from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Smartsheet currently has an average rating of “Hold” and a consensus target price 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.