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 business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $56.07, for a total value of $280,350.00. Following the sale, the chief executive officer now directly owns 619,515 shares of the company’s stock, valued at $34,736,206.05. This represents a 0.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Tuesday, December 17th, Mark Patrick Mader sold 47,916 shares of Smartsheet stock. The stock was sold at an average price of $55.96, for a total value of $2,681,379.36.
• 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.

Smartsheet Stock Performance

Smartsheet stock opened at $56.24 on Thursday. The stock has a market capitalization of $7.87 billion, a P/E ratio of -937.33, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71. The stock has a fifty day moving average of $56.01 and a 200-day moving average of $52.02. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55.

Institutional Investors Weigh In On Smartsheet

Hedge funds have recently added to or reduced their stakes in the business. Eminence Capital LP raised its position in Smartsheet by 9.2% during the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after purchasing an additional 358,988 shares during the last quarter. State Street Corp lifted its stake in shares of Smartsheet by 6.2% in the third quarter. State Street Corp now owns 2,492,949 shares of the company’s stock worth $138,010,000 after acquiring an additional 146,353 shares during the period. Geode Capital Management LLC increased its position in Smartsheet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company’s stock valued at $123,545,000 after purchasing an additional 52,293 shares during the period. RGM Capital LLC lifted its position in shares of Smartsheet by 7.6% in the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after purchasing an additional 156,817 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after purchasing an additional 533,278 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on SMAR shares. Canaccord Genuity Group reaffirmed a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Barclays raised their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. DA Davidson restated a “neutral” rating and issued a $56.50 price target (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Jefferies Financial Group reissued a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Citigroup reaffirmed a “neutral” rating and set a $56.50 price target (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average 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.