Smartsheet (NYSE:SMAR) Sees Strong Trading Volume – Here’s What Happened

Smartsheet Inc (NYSE:SMAR) shares saw unusually-strong trading volume on Friday . Approximately 2,915,365 shares were traded during mid-day trading, a decline of 14% from the previous session’s volume of 3,404,349 shares.The stock last traded at $56.46 and had previously closed at $56.30.

Analyst Ratings Changes

Several research firms recently commented on SMAR. Citigroup reaffirmed a “neutral” rating and set a $56.50 target price (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Barclays raised their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Needham & Company LLC reiterated a “hold” rating on shares of Smartsheet in a report on Friday, December 6th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Canaccord Genuity Group downgraded shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Smartsheet currently has an average rating of “Hold” and an average target price of $55.82.

Smartsheet Price Performance

The stock has a market capitalization of $7.90 billion, a P/E ratio of -940.92, a price-to-earnings-growth ratio of 82.75 and a beta of 0.71. The stock has a fifty day moving average price of $56.04 and a 200 day moving average price of $52.49.

Insiders Place Their Bets

In related news, CEO Mark Patrick Mader sold 47,916 shares of the stock in a transaction on Tuesday, December 17th. The stock was 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 owns 624,356 shares of the company’s stock, valued at $34,938,961.76. This represents a 7.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 3,205 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the sale, the insider now owns 18,695 shares in the company, valued at $1,045,424.40. The trade was a 14.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,121 shares of company stock worth $3,645,543 in the last quarter. 4.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Smartsheet

Large investors have recently modified their holdings of the company. Brooklyn Investment Group purchased a new position in Smartsheet in the 3rd quarter worth $28,000. Raleigh Capital Management Inc. bought a new position in shares of Smartsheet during the third quarter valued at about $31,000. Waldron Private Wealth LLC purchased a new position in shares of Smartsheet in the third quarter worth about $33,000. Farther Finance Advisors LLC lifted its stake in shares of Smartsheet by 123.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock valued at $40,000 after acquiring an additional 398 shares during the last quarter. Finally, True Wealth Design LLC purchased a new stake in Smartsheet during the 3rd quarter valued at about $41,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.