Smartsheet (NYSE:SMAR) Shares Gap Down on Insider Selling

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Shares of Smartsheet Inc (NYSE:SMAR) gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $46.13, but opened at $44.66. Smartsheet shares last traded at $43.22, with a volume of 2,644,436 shares.

Specifically, Director Geoffrey T. Barker sold 16,700 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $41.25, for a total value of $688,875.00. Also, CEO Mark Patrick Mader sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $38.52, for a total value of $1,540,800.00. In the last 90 days, insiders have sold 528,150 shares of company stock valued at $20,815,403. 24.73% of the stock is owned by corporate insiders.

SMAR has been the subject of several recent research reports. Canaccord Genuity cut their price target on Smartsheet from $53.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, October 2nd. Oppenheimer cut their price target on Smartsheet from $58.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, October 2nd. Zacks Investment Research cut Smartsheet from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Royal Bank of Canada cut their price target on Smartsheet from $60.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 3rd. Finally, Stephens reaffirmed a “buy” rating and issued a $55.00 price target on shares of Smartsheet in a report on Tuesday, September 10th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $50.50.

The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average price of $41.96 and a 200-day moving average price of $44.91. The firm has a market capitalization of $5.04 billion, a price-to-earnings ratio of -70.74 and a beta of 2.02.

Smartsheet (NYSE:SMAR) last issued its earnings results on Wednesday, December 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.28) by $0.13. Smartsheet had a negative return on equity of 26.57% and a negative net margin of 32.50%. The business had revenue of $71.50 million during the quarter, compared to analysts’ expectations of $69.83 million. During the same period in the prior year, the firm posted ($0.09) EPS. Smartsheet’s quarterly revenue was up 52.5% compared to the same quarter last year. On average, equities analysts expect that Smartsheet Inc will post -0.88 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of SMAR. FMR LLC raised its holdings in shares of Smartsheet by 754,292.5% in the 1st quarter. FMR LLC now owns 1,214,572 shares of the company’s stock worth $49,542,000 after buying an additional 1,214,411 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Smartsheet by 0.4% in the 1st quarter. First Trust Advisors LP now owns 86,589 shares of the company’s stock worth $3,532,000 after buying an additional 318 shares in the last quarter. Commonwealth Equity Services LLC acquired a new position in shares of Smartsheet in the 2nd quarter worth approximately $224,000. Virginia Retirement Systems ET AL acquired a new position in shares of Smartsheet in the 2nd quarter worth approximately $586,000. Finally, Systematic Financial Management LP acquired a new position in shares of Smartsheet in the 2nd quarter worth approximately $118,000. 74.26% of the stock is owned by institutional investors and hedge funds.

Smartsheet Company Profile (NYSE:SMAR)

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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