Smartsheet (NYSE:SMAR) Sees Unusually-High Trading Volume – What’s Next?

Shares of Smartsheet Inc (NYSE:SMAR) saw strong trading volume on Friday . 2,915,365 shares traded hands during mid-day trading, a decline of 14% from the previous session’s volume of 3,404,349 shares.The stock last traded at $56.46 and had previously closed at $56.30.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. DA Davidson reiterated a “neutral” rating and set a $56.50 target price (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Citigroup restated a “neutral” rating and issued 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 reaffirmed a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $55.82.

Smartsheet Stock Performance

The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of -940.92, a price-to-earnings-growth ratio of 82.75 and a beta of 0.71. The firm has a fifty day moving average price of $56.04 and a 200-day moving average price of $52.49.

Insiders Place Their Bets

In related news, CEO Mark Patrick Mader sold 5,000 shares of the firm’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 trade represents a 0.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jolene Lau Marshall sold 2,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 19,739 shares of the company’s stock, valued at approximately $1,105,186.61. This represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,121 shares of company stock worth $3,645,543 over the last ninety days. Corporate insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

A number of hedge funds have recently modified their holdings of SMAR. Brooklyn Investment Group bought a new stake in Smartsheet in the third quarter valued at approximately $28,000. Raleigh Capital Management Inc. bought a new stake in shares of Smartsheet in the 3rd quarter valued at $31,000. Waldron Private Wealth LLC bought a new stake in shares of Smartsheet in the 3rd quarter valued at $33,000. Farther Finance Advisors LLC increased its position in shares of Smartsheet by 123.2% during the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after buying an additional 398 shares during the period. Finally, True Wealth Design LLC bought a new position in Smartsheet during the third quarter worth $41,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.