Smartsheet (NYSE:SMAR) Sees Unusually-High Trading Volume

Smartsheet Inc (NYSE:SMAR) shares saw unusually-strong trading volume on Tuesday . Approximately 2,421,675 shares were traded during trading, an increase of 22% from the previous session’s volume of 1,978,227 shares.The stock last traded at $55.37 and had previously closed at $55.36.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Barclays raised their target price on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. William Blair restated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Morgan Stanley increased their target price on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, DA Davidson reiterated a “neutral” rating and set a $56.50 target price (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Performance

The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of -89.29 and a beta of 0.74. The company’s fifty day simple moving average is $49.60 and its two-hundred day simple moving average is $43.75.

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

Smartsheet announced that its board has authorized a stock repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO Stephen Robert Branstetter sold 2,004 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the transaction, the chief operating officer now owns 61,791 shares of the company’s stock, valued at $2,965,968. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Insiders sold a total of 35,157 shares of company stock worth $1,762,763 over the last 90 days. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Several large investors have recently made changes to their positions in SMAR. First Horizon Advisors Inc. increased its position in Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares during the period. Amalgamated Bank raised its stake in shares of Smartsheet by 3.5% during the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock valued at $383,000 after purchasing an additional 294 shares in the last quarter. Advisors Asset Management Inc. grew its position in Smartsheet by 24.6% in the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock valued at $70,000 after buying an additional 360 shares in the last quarter. Washington Capital Management Inc. increased its stake in Smartsheet by 2.1% during the 2nd quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock valued at $872,000 after buying an additional 400 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after buying an additional 402 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.