Insider Selling: Smartsheet Inc (NYSE:SMAR) CFO Sells $391,688.43 in Stock

Smartsheet Inc (NYSE:SMAR) CFO Pete Godbole sold 10,129 shares of the business’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $38.67, for a total value of $391,688.43. Following the sale, the chief financial officer now owns 44,346 shares of the company’s stock, valued at approximately $1,714,859.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Smartsheet Price Performance

Shares of SMAR opened at $37.70 on Thursday. The stock has a 50-day moving average of $40.80 and a 200-day moving average of $42.72. The company has a market cap of $5.18 billion, a PE ratio of -47.72 and a beta of 0.73. Smartsheet Inc has a one year low of $35.52 and a one year high of $52.81.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, March 14th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.17. The company had revenue of $256.95 million during the quarter, compared to the consensus estimate of $254.99 million. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. Analysts expect that Smartsheet Inc will post -0.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SMAR shares. BMO Capital Markets decreased their price objective on Smartsheet from $48.00 to $42.00 and set an “outperform” rating for the company in a research note on Monday, March 18th. KeyCorp initiated coverage on Smartsheet in a research report on Thursday, March 21st. They set a “sector weight” rating for the company. Jefferies Financial Group reduced their price objective on Smartsheet from $57.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, March 15th. UBS Group reduced their price objective on Smartsheet from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, Morgan Stanley reduced their price objective on Smartsheet from $56.00 to $51.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Smartsheet presently has a consensus rating of “Moderate Buy” and an average target price of $49.75.

Institutional Trading of Smartsheet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet in the first quarter valued at approximately $29,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Smartsheet in the fourth quarter valued at approximately $33,000. Allworth Financial LP grew its holdings in shares of Smartsheet by 2,503.4% in the fourth quarter. Allworth Financial LP now owns 755 shares of the company’s stock valued at $36,000 after acquiring an additional 726 shares in the last quarter. Castleview Partners LLC bought a new position in shares of Smartsheet in the third quarter valued at approximately $39,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Smartsheet in the third quarter valued at approximately $105,000. 90.01% of the stock is owned by institutional investors.

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.