Insider Selling: Smartsheet Inc (NYSE:SMAR) CEO Sells 20,000 Shares of Stock

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction dated Thursday, September 19th. The stock was 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 $30,486,096.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Smartsheet Trading Up 1.2 %

Shares of NYSE SMAR opened at $51.44 on Monday. The stock has a fifty day simple moving average of $48.61 and a two-hundred day simple moving average of $43.18. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $54.50. The firm has a market cap of $7.15 billion, a price-to-earnings ratio of -82.97 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating 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 business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period in the prior year, the company earned ($0.23) earnings per share. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. Analysts forecast that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its board has initiated a stock repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Morgan Stanley boosted their price objective on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Guggenheim upped their price target on Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Barclays boosted their price objective on Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. Needham & Company LLC reissued a “buy” rating and set a $57.00 price objective on shares of Smartsheet in a report on Friday, September 6th. Finally, UBS Group boosted their price objective on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Smartsheet currently has an average rating of “Moderate Buy” and an average price target of $55.06.

Institutional Investors Weigh In On Smartsheet

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet during the second quarter worth $25,000. Versant Capital Management Inc bought a new position in Smartsheet in the second quarter valued at $31,000. Banque Cantonale Vaudoise bought a new position in Smartsheet in the first quarter valued at $29,000. First Horizon Advisors Inc. increased its stake in 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 acquiring an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new position in Smartsheet in the first quarter valued at $35,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.