Smartsheet (NYSE:SMAR) Sets New 1-Year High at $54.50

Shares of Smartsheet Inc (NYSE:SMAR) hit a new 52-week high during trading on Monday . The stock traded as high as $54.50 and last traded at $53.31, with a volume of 2682516 shares changing hands. The stock had previously closed at $52.22.

Wall Street Analysts Forecast Growth

SMAR has been the topic of a number of recent research reports. UBS Group upped their price objective on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Morgan Stanley lifted their price objective on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Guggenheim upped their target price on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Barclays lifted their price target on shares of Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Friday, September 6th. Finally, Royal Bank of Canada increased their price objective on shares of Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.06.

Smartsheet Trading Down 0.3 %

The business has a 50 day moving average price of $48.30 and a 200-day moving average price of $43.04. The firm has a market capitalization of $7.14 billion, a PE ratio of -83.29 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping 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 business had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the prior year, the company posted ($0.23) EPS. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, equities research analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has approved a share buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Pete Godbole sold 7,244 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $41.22, for a total transaction of $298,597.68. Following the completion of the transaction, the chief financial officer now owns 30,786 shares of the company’s stock, valued at $1,268,998.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the transaction, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The disclosure for this sale can be found here. In the last three months, insiders sold 26,673 shares of company stock worth $1,215,523. 4.52% of the stock is owned by corporate insiders.

Institutional Trading of Smartsheet

Institutional investors and hedge funds have recently made changes to their positions in the company. Sei Investments Co. increased its stake in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after acquiring an additional 24,823 shares during the last quarter. Norges Bank purchased a new position in Smartsheet in the fourth quarter valued at approximately $68,879,000. CWM LLC lifted its position in Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after buying an additional 13,621 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in Smartsheet during the first quarter worth approximately $1,512,000. Finally, Alberta Investment Management Corp acquired a new stake in shares of Smartsheet in the fourth quarter worth $1,219,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.