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 Smartsheet stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Smartsheet Stock Performance

SMAR traded up $0.64 during trading on Friday, reaching $51.45. 3,389,726 shares of the stock were exchanged, compared to its average volume of 1,529,621. The stock has a market cap of $7.15 billion, a P/E ratio of -82.98 and a beta of 0.74. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $54.50. The stock’s 50 day moving average price is $48.61 and its two-hundred day moving average price is $43.15.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.23) earnings per share. Equities research analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its board has approved a stock 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 purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Smartsheet

Institutional investors and hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new position in shares of Smartsheet in the second quarter valued at $25,000. Banque Cantonale Vaudoise acquired a new position in shares of Smartsheet in the first quarter valued at $29,000. Versant Capital Management Inc acquired a new position in shares of Smartsheet in the second quarter valued at $31,000. Plato Investment Management Ltd acquired a new position in shares of Smartsheet in the first quarter valued at $35,000. Finally, First Horizon Advisors Inc. increased its holdings in shares of Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SMAR has been the subject of several analyst reports. Citigroup lifted their price target on shares of Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group lifted their price target on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Needham & Company LLC reissued a “buy” rating and set a $57.00 price target on shares of Smartsheet in a report on Friday, September 6th. Barclays raised their price objective on shares of Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, September 6th. Finally, Guggenheim raised their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $55.06.

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.