Mark Patrick Mader Sells 20,000 Shares of Smartsheet Inc (NYSE:SMAR) Stock

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Smartsheet Price Performance

SMAR stock opened at $51.44 on Friday. The business has a 50 day simple moving average of $48.61 and a 200-day simple moving average of $43.17. The firm has a market capitalization of $7.15 billion, a PE ratio of -82.97 and a beta of 0.74. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $54.50.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The company had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter last year, the firm earned ($0.23) earnings per share. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, equities research analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its board 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SMAR. Morgan Stanley boosted their price objective on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. DA Davidson reaffirmed a “buy” rating and issued a $55.00 price target on shares of Smartsheet in a report on Friday, September 6th. Citigroup upped their price target on Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Royal Bank of Canada upped their price target on Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a report on Friday, September 6th. Finally, UBS Group upped their price target on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.06.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SMAR. Sei Investments Co. lifted its holdings in shares of Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after acquiring an additional 24,823 shares during the last quarter. Norges Bank acquired a new position in Smartsheet during the fourth quarter worth $68,879,000. CWM LLC boosted its position in shares of Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares during the period. Capstone Investment Advisors LLC acquired a new stake in shares of Smartsheet in the first quarter valued at $1,512,000. Finally, Alberta Investment Management Corp acquired a new stake in shares of Smartsheet in the fourth quarter valued at $1,219,000. Hedge funds and other institutional investors 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.