Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader Sells 47,916 Shares

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 47,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $55.96, for a total transaction of $2,681,379.36. Following the completion of the sale, the chief executive officer now directly owns 624,356 shares of the company’s stock, valued at $34,938,961.76. This represents a 7.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

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

• 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 value of $280,250.00.
• On Wednesday, October 2nd, Mark Patrick Mader sold 5,000 shares of Smartsheet stock. The shares were sold at an average price of $55.35, for a total transaction of $276,750.00.
• On Thursday, September 19th, Mark Patrick Mader sold 20,000 shares of Smartsheet stock. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00.

Smartsheet Stock Performance

SMAR opened at $55.96 on Thursday. The business’s 50 day moving average is $56.02 and its 200-day moving average is $50.51. The stock has a market cap of $7.83 billion, a PE ratio of -932.67, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55.

Smartsheet announced that its Board of Directors has authorized a stock buyback plan on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Smartsheet

Institutional investors and hedge funds have recently bought and sold shares of the business. Brooklyn Investment Group acquired a new position in Smartsheet in the third quarter worth approximately $28,000. Raleigh Capital Management Inc. acquired a new position in shares of Smartsheet in the third quarter worth about $31,000. International Assets Investment Management LLC acquired a new stake in shares of Smartsheet during the second quarter valued at approximately $25,000. Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet in the 3rd quarter valued at approximately $33,000. Finally, Farther Finance Advisors LLC boosted its stake in Smartsheet by 123.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after purchasing an additional 398 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SMAR. Citigroup restated a “neutral” rating and set a $56.50 target price (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. Jefferies Financial Group reissued a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Barclays increased their target price 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. Finally, Morgan Stanley boosted their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, Smartsheet presently 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.