Mark Patrick Mader Sells 47,916 Shares of Smartsheet Inc (NYSE:SMAR) Stock

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 transaction of $2,681,379.36. Following the completion of the transaction, the chief executive officer now owns 624,356 shares of the company’s stock, valued at $34,938,961.76. The trade was a 7.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 transaction of $280,250.00.
• On Wednesday, October 2nd, Mark Patrick Mader sold 5,000 shares of Smartsheet stock. The shares were 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 value of $1,035,600.00.

Smartsheet Stock Down 0.1 %

NYSE:SMAR traded down $0.03 on Tuesday, hitting $55.96. The stock had a trading volume of 4,017,496 shares, 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 fifty day moving average is $56.00 and its 200 day moving average is $50.34. The company has a market cap of $7.83 billion, a PE ratio of -933.00, a P/E/G ratio of 82.24 and a beta of 0.71.

Smartsheet announced that its board has initiated a stock repurchase plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have commented on SMAR. Needham & Company LLC reiterated a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th. Truist Financial reissued a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, UBS Group reaffirmed a “neutral” rating and set a $56.50 target price (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Smartsheet has an average rating of “Hold” and an average target price of $55.82.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its holdings in Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after acquiring an additional 881,004 shares during the last quarter. Citigroup Inc. boosted its holdings in Smartsheet by 2,767.1% during the third quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock worth $45,589,000 after purchasing an additional 794,779 shares during the last quarter. Polar Asset Management Partners Inc. bought a new stake in Smartsheet in the 3rd quarter worth about $39,029,000. Engaged Capital LLC purchased a new position in shares of Smartsheet in the 2nd quarter worth approximately $29,600,000. Finally, Marshall Wace LLP grew its holdings in shares of Smartsheet by 40.9% in 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 in the last quarter. Institutional investors and hedge funds 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.