Smartsheet (NYSE:SMAR) Sets New 52-Week High at $55.00

Smartsheet Inc (NYSE:SMAR)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $55.00 and last traded at $55.00, with a volume of 238444 shares traded. The stock had previously closed at $52.09.

Analysts Set New Price Targets

SMAR has been the topic of several recent analyst reports. Citigroup lifted their price objective on shares of Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Guggenheim increased their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group lifted their target price on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Canaccord Genuity Group increased their price target on Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Wells Fargo & Company lifted 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. One investment 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $55.06.

Smartsheet Trading Up 6.0 %

The stock has a 50 day moving average of $48.76 and a 200-day moving average of $43.25. The stock has a market capitalization of $7.64 billion, a P/E ratio of -84.00 and a beta of 0.74.

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

Smartsheet declared that its Board of Directors has approved a share repurchase program on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, COO Stephen Robert Branstetter sold 4,272 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction 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 $2,833,773.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $44.42, for a total transaction of $189,762.24. Following the sale, the chief operating officer now owns 63,795 shares in the company, valued at approximately $2,833,773.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the sale, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,429 shares of company stock worth $1,952,525. 4.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Smartsheet

Several large investors have recently made changes to their positions in SMAR. International Assets Investment Management LLC acquired a new stake in Smartsheet in the second quarter valued at approximately $25,000. Banque Cantonale Vaudoise purchased a new stake in Smartsheet in the 1st quarter worth $29,000. Versant Capital Management Inc acquired a new position in Smartsheet during the second quarter worth $31,000. Plato Investment Management Ltd purchased a new position in Smartsheet during the first quarter valued at $35,000. Finally, First Horizon Advisors Inc. grew its position in shares of Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during the period. 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.