Insider Selling: Smartsheet Inc (NYSE:SMAR) CEO Sells 5,000 Shares of Stock

Market Beat
2024.10.04 01:19

Smartsheet Inc (NYSE:SMAR) CEO Mark Patrick Mader sold 5,000 shares at an average price of $35, totaling $175,000. Post-sale, he owns 583,762 shares valued at $11,311,226.70. This transaction was disclosed to the SEC. Mader had previously sold 20,000 shares at $39.78. The stock traded up 0.2% recently, with a market cap of $3.68 billion and a P/E ratio of -89.52. Smartsheet's revenue increased by 17.3% year-over-year, and the company has a share repurchase plan approved for $100 million. Analysts have mixed ratings on the stock, with an average target price of $42.82.

Smartsheet Inc (NYSE:SMAR - Get Free Report) CEO Mark Patrick Mader sold 5,000 shares of the firm's stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $55.35, for a total transaction of $276,750.00. Following the transaction, the chief executive officer now directly owns 583,762 shares in the company, valued at $32,311,226.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

  • Smartsheet Is a Smart Buy for Traders and Investors: Here's Why

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

  • 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 Up 0.2 %

Shares of NYSE SMAR traded up $0.13 during mid-day trading on Thursday, reaching $55.50. The company had a trading volume of 5,233,536 shares, compared to its average volume of 2,058,111. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of -89.52 and a beta of 0.74. The business's 50-day moving average is $50.06 and its 200-day moving average is $44.03. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $55.60.

  • Don’t Miss Smartsheet’s Surge: Strong Growth and Buybacks Ahead

Smartsheet (NYSE:SMAR - Get Free Report) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates 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 previous year, the company posted ($0.23) EPS. Smartsheet's revenue was up 17.3% on a year-over-year basis. As a group, equities research analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has approved a share repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

  • Why Smartsheet Stock is an Undervalued Gem of an Investment

SMAR has been the subject of a number of research analyst reports. Canaccord Genuity Group downgraded Smartsheet from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 25th. Morgan Stanley raised their target price on Smartsheet from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Barclays boosted their target price on shares of Smartsheet from $50.00 to $56.50 and gave the company an "equal weight" rating in a research note on Wednesday, September 25th. DA Davidson reissued a "neutral" rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Needham & Company LLC reaffirmed a "hold" rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $55.82.

Get Our Latest Stock Analysis on SMAR

Institutional Investors Weigh In On Smartsheet

Several large investors have recently modified their holdings of SMAR. Sei Investments Co. increased its holdings in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company's stock valued at $5,671,000 after buying an additional 24,823 shares during the period. CWM LLC lifted its stake in shares of Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company's stock worth $876,000 after purchasing an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in shares of Smartsheet during the 1st quarter worth $1,512,000. Sirios Capital Management L P bought a new stake in Smartsheet during the fourth quarter valued at about $9,947,000. Finally, AMI Asset Management Corp purchased a new position in Smartsheet in the first quarter valued at about $3,990,000. Institutional investors own 90.01% of the company's stock.

About Smartsheet

(Get Free Report)

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.

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