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 business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 624,356 shares of the company’s stock, valued at approximately $34,938,961.76. This trade represents a 7.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 value 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 value of $1,035,600.00.

Smartsheet Price Performance

SMAR opened at $55.96 on Wednesday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The firm has a market capitalization of $7.83 billion, a PE ratio of -932.67, a P/E/G ratio of 82.24 and a beta of 0.71. The company’s 50-day moving average is $56.01 and its 200 day moving average is $50.47.

Smartsheet announced that its Board of Directors has approved a stock repurchase program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. US Bancorp DE grew its holdings in Smartsheet by 12.9% during the third quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after buying an additional 200 shares in the last quarter. Landscape Capital Management L.L.C. grew its stake in shares of Smartsheet by 0.3% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock worth $4,596,000 after acquiring an additional 225 shares in the last quarter. First Horizon Advisors Inc. grew its stake in shares of Smartsheet by 25.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock worth $62,000 after acquiring an additional 228 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Smartsheet by 2.4% in the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock valued at $639,000 after purchasing an additional 266 shares during the last quarter. Finally, Larson Financial Group LLC lifted its position in shares of Smartsheet by 2.1% during the third quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock valued at $734,000 after purchasing an additional 277 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Barclays increased their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Needham & Company LLC reiterated a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th. Truist Financial reaffirmed a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $56.50 target price on shares of Smartsheet in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $55.82.

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.