Insider Selling: Smartsheet Inc (SMAR) Director Sells 20,000 Shares of Stock

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Smartsheet Inc (NYSE:SMAR) Director Brent Frei sold 20,000 shares of the company’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $25.50, for a total value of $510,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Smartsheet stock traded down $0.16 during mid-day trading on Friday, hitting $25.57. 717,855 shares of the company were exchanged, compared to its average volume of 512,786. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 0.02. Smartsheet Inc has a 1-year low of $18.06 and a 1-year high of $33.98.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Tuesday, September 4th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.08. The company had revenue of $42.38 million for the quarter, compared to analyst estimates of $39.21 million. The company’s quarterly revenue was up 58.9% compared to the same quarter last year. On average, equities research analysts predict that Smartsheet Inc will post -0.68 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in SMAR. Summit Partners L P acquired a new position in Smartsheet during the second quarter worth $62,552,000. Fred Alger Management Inc. acquired a new position in Smartsheet during the second quarter worth $2,887,000. Gilder Gagnon Howe & Co. LLC acquired a new position in Smartsheet during the second quarter worth $13,242,000. First Trust Advisors LP acquired a new position in Smartsheet during the second quarter worth $2,587,000. Finally, Engineers Gate Manager LP acquired a new position in Smartsheet during the second quarter worth $1,650,000. Hedge funds and other institutional investors own 41.77% of the company’s stock.

A number of research analysts recently commented on the company. Zacks Investment Research lowered Smartsheet from a “buy” rating to a “hold” rating in a research note on Wednesday. Morgan Stanley cut their target price on Smartsheet from $36.00 to $33.00 and set an “overweight” rating for the company in a research note on Tuesday, October 23rd. SunTrust Banks upped their target price on Smartsheet to $37.00 and gave the company a “positive” rating in a research note on Wednesday, September 5th. They noted that the move was a valuation call. Canaccord Genuity upped their target price on Smartsheet from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, September 5th. Finally, Royal Bank of Canada upped their target price on Smartsheet to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, September 5th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $34.86.

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About Smartsheet

Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.

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