Insider Selling: Smartsheet Inc (NYSE:SMAR) Insider Sells 2,000 Shares of Stock

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 2,000 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $55.99, for a total transaction of $111,980.00. Following the completion of the sale, the insider now directly owns 19,739 shares in the company, valued at approximately $1,105,186.61. This represents a 9.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Jolene Lau Marshall also recently made the following trade(s):

• On Friday, November 15th, Jolene Lau Marshall sold 3,205 shares of Smartsheet stock. The shares were sold at an average price of $55.92, for a total value of $179,223.60.
• On Tuesday, October 1st, Jolene Lau Marshall sold 3,571 shares of Smartsheet stock. The stock was sold at an average price of $55.37, for a total value of $197,726.27.

Smartsheet Stock Down 0.1 %

Smartsheet stock opened at $55.96 on Wednesday. The stock has a market cap of $7.83 billion, a price-to-earnings ratio of -932.67, a PEG ratio of 82.24 and a beta of 0.71. The business has a 50-day simple moving average of $56.01 and a 200 day simple moving average of $50.47. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55.

Smartsheet declared that its board has authorized a stock 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 repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently bought and sold shares of SMAR. International Assets Investment Management LLC bought a new position in shares of Smartsheet in the 2nd quarter worth $25,000. Brooklyn Investment Group bought a new position in Smartsheet in the third quarter valued at $28,000. Raleigh Capital Management Inc. bought a new position in Smartsheet in the third quarter valued at $31,000. Waldron Private Wealth LLC purchased a new stake in Smartsheet during the third quarter valued at about $33,000. Finally, First Horizon Advisors Inc. lifted its stake in Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on SMAR shares. Truist Financial reissued a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Wells Fargo & Company reiterated an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. Morgan Stanley boosted their target price on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Smartsheet presently has an average rating of “Hold” and an average target price of $55.82.

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.