Smartsheet Inc (NYSE:SMAR) CEO Sells $2,681,379.36 in Stock

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

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 stock was 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 shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00.

Smartsheet Trading Down 0.1 %

Shares of NYSE:SMAR traded down $0.03 on Tuesday, reaching $55.96. 4,017,496 shares of the company traded hands, compared to its average volume of 2,228,745. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The business’s 50-day simple moving average is $56.00 and its 200 day simple moving average is $50.34. The stock has a market capitalization of $7.83 billion, a P/E ratio of -933.00, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71.

Smartsheet declared that its Board of Directors has approved a share buyback program 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 shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

SMAR has been the topic of a number of analyst reports. UBS Group reissued a “neutral” rating and set a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. DA Davidson reiterated a “neutral” rating and set a $56.50 price objective (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Royal Bank of Canada restated a “sector perform” rating and issued a $56.50 target price on shares of Smartsheet in a research note on Thursday, October 24th. William Blair reiterated a “market perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet has an average rating of “Hold” and a consensus price target of $55.82.

Institutional Trading of Smartsheet

Several hedge funds and other institutional investors have recently bought and sold shares of SMAR. AQR Capital Management LLC increased its stake in shares of Smartsheet by 188.0% in the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after buying an additional 881,004 shares during the period. Citigroup Inc. boosted its position in Smartsheet by 2,767.1% during the 3rd quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock valued at $45,589,000 after buying an additional 794,779 shares during the period. Polar Asset Management Partners Inc. bought a new stake in Smartsheet in the 3rd quarter worth $39,029,000. Engaged Capital LLC purchased a new position in shares of Smartsheet in the second quarter valued at about $29,600,000. Finally, Marshall Wace LLP raised its stake in shares of Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after acquiring an additional 533,278 shares during the last quarter. 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.