Smartsheet Inc (NYSE:SMAR) Insider Jolene Lau Marshall Sells 3,571 Shares

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total value of $197,726.27. Following the completion of the transaction, the insider now owns 9,958 shares in the company, valued at $551,374.46. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Friday, September 13th, Jolene Lau Marshall sold 3,571 shares of Smartsheet stock. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89.
• 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 shares were sold at an average price of $43.11, for a total transaction of $172,181.34.

Smartsheet Stock Performance

Shares of NYSE:SMAR traded up $0.13 during trading on Thursday, reaching $55.50. The company had a trading volume of 5,233,536 shares, compared to its average volume of 2,058,111. The firm’s fifty day moving average is $50.06 and its 200 day moving average is $44.03. The firm has a market capitalization of $7.68 billion, a PE ratio of -89.52 and a beta of 0.74. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $55.60.

Smartsheet (NYSE:SMAR) last released its 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. The firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.23) earnings per share. Equities analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. UBS Group reiterated a “neutral” rating and issued a $56.50 price target (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Jefferies Financial Group reiterated a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Smartsheet currently has a consensus rating of “Hold” and a consensus price target of $55.82.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMAR. Allianz Asset Management GmbH boosted its holdings in Smartsheet by 69.2% during the fourth quarter. Allianz Asset Management GmbH now owns 132,482 shares of the company’s stock worth $6,335,000 after buying an additional 54,164 shares in the last quarter. Treasurer of the State of North Carolina raised its position in shares of Smartsheet by 3.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 56,739 shares of the company’s stock worth $2,713,000 after purchasing an additional 1,640 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in shares of Smartsheet by 51.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 148,072 shares of the company’s stock valued at $7,081,000 after purchasing an additional 50,181 shares during the last quarter. Armistice Capital LLC acquired a new position in shares of Smartsheet in the 4th quarter valued at $467,000. Finally, Capital International Sarl boosted its position in shares of Smartsheet by 11.3% in the 4th quarter. Capital International Sarl now owns 83,904 shares of the company’s stock valued at $4,012,000 after purchasing an additional 8,528 shares during the period. 90.01% of the stock is 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.