Smartsheet Inc (NYSE:SMAR) CEO Sells $1,035,600.00 in Stock

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Smartsheet Stock Up 1.2 %

SMAR stock opened at $51.44 on Monday. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $54.50. The company has a market cap of $7.15 billion, a price-to-earnings ratio of -82.97 and a beta of 0.74. The business has a 50 day moving average price of $48.61 and a two-hundred day moving average price of $43.18.

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

Smartsheet announced that its board has authorized a stock buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SMAR. BMO Capital Markets upped their price target on Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday, September 6th. UBS Group increased their target price on Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Wells Fargo & Company increased their price target on Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, June 6th. Royal Bank of Canada increased their price objective on Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a report on Friday, September 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $57.00 price objective on shares of Smartsheet in a report on Friday, September 6th. One equities 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.06.

Institutional Trading of Smartsheet

Several hedge funds have recently added to or reduced their stakes in SMAR. International Assets Investment Management LLC acquired a new position in Smartsheet in the 2nd quarter valued at $25,000. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet in the 1st quarter valued at $29,000. Versant Capital Management Inc bought a new position in shares of Smartsheet in the 2nd quarter valued at $31,000. Plato Investment Management Ltd bought a new position in shares of Smartsheet in the 1st quarter valued at $35,000. Finally, First Horizon Advisors Inc. increased its stake in shares of Smartsheet by 37.5% in the 2nd 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 owned by institutional investors and hedge funds.

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.