Smartsheet Inc (NYSE:SMAR) Insider Sells $180,656.89 in Stock

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the sale, the insider now owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Jolene Lau Marshall also recently made the following trade(s):

• On Thursday, August 15th, Jolene Lau Marshall sold 3,741 shares of Smartsheet stock. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38.
• On Friday, July 5th, Jolene Lau Marshall sold 3,994 shares of Smartsheet stock. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34.

Smartsheet Trading Down 1.7 %

SMAR stock opened at $51.78 on Wednesday. Smartsheet Inc has a one year low of $35.52 and a one year high of $54.50. The firm has a market capitalization of $7.16 billion, a PE ratio of -83.51 and a beta of 0.74. The firm has a 50-day moving average of $48.13 and a two-hundred day moving average of $42.98.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period in the prior year, the firm earned ($0.23) earnings per share. The business’s quarterly revenue was up 17.3% on a year-over-year basis. On average, equities research analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has approved a share repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Smartsheet

Hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in Smartsheet in the second quarter worth approximately $25,000. Versant Capital Management Inc acquired a new position in Smartsheet in the second quarter worth approximately $31,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet in the first quarter worth approximately $29,000. First Horizon Advisors Inc. increased its holdings in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after buying an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd acquired a new position in Smartsheet in the first quarter worth approximately $35,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on SMAR. Guggenheim upped their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Royal Bank of Canada upped their price target on shares of Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a research report on Friday, September 6th. Truist Financial upped their price target on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Canaccord Genuity Group upped their price target on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, BMO Capital Markets upped their price objective on shares of Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $55.06.

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.