Insider Selling: Smartsheet Inc (NYSE:SMAR) COO Sells $189,762.24 in Stock

Smartsheet Inc (NYSE:SMAR) COO Stephen Robert Branstetter sold 4,272 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the sale, the chief operating officer now owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Stephen Robert Branstetter also recently made the following trade(s):

• On Tuesday, June 11th, Stephen Robert Branstetter sold 4,174 shares of Smartsheet stock. The stock was sold at an average price of $43.91, for a total value of $183,280.34.

Smartsheet Price Performance

Shares of Smartsheet stock opened at $43.21 on Friday. The stock has a 50 day moving average of $40.79 and a 200 day moving average of $42.23. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $49.42.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Wednesday, June 5th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.06. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. The company had revenue of $262.98 million during the quarter, compared to analyst estimates of $258.06 million. As a group, analysts forecast that Smartsheet Inc will post -0.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on SMAR shares. Barclays upped their price target on Smartsheet from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 6th. Wells Fargo & Company upped their price objective on Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, June 6th. DA Davidson dropped their price objective on Smartsheet from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Guggenheim reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Smartsheet in a research note on Tuesday, June 25th. Finally, Morgan Stanley upped their price objective on Smartsheet from $51.00 to $53.00 and gave the stock an “overweight” rating in a research note on Thursday, June 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.00.

Institutional Investors Weigh In On Smartsheet

Several institutional investors have recently modified their holdings of the stock. Cetera Advisors LLC bought a new stake in shares of Smartsheet in the 1st quarter valued at approximately $219,000. Swedbank AB bought a new stake in shares of Smartsheet in the 1st quarter valued at approximately $38,388,000. Washington Harbour Partners LP lifted its stake in shares of Smartsheet by 1.1% in the 1st quarter. Washington Harbour Partners LP now owns 93,034 shares of the company’s stock valued at $3,582,000 after purchasing an additional 1,000 shares during the last quarter. Plato Investment Management Ltd bought a new stake in shares of Smartsheet in the 1st quarter valued at approximately $35,000. Finally, Invenomic Capital Management LP lifted its stake in shares of Smartsheet by 80.3% in the 1st quarter. Invenomic Capital Management LP now owns 569,528 shares of the company’s stock valued at $21,927,000 after purchasing an additional 253,598 shares during the last quarter. 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.