Stephen Robert Branstetter Sells 1,847 Shares of Smartsheet Inc (NYSE:SMAR) Stock

Smartsheet Inc (NYSE:SMAR) COO Stephen Robert Branstetter sold 1,847 shares of the business’s 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 sale, the chief operating officer now directly 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 is available at the SEC website.

Stephen Robert Branstetter also recently made the following trade(s):

• On Thursday, July 18th, Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock. The stock was sold at an average price of $48.00, for a total value of $96,192.00.
• On Friday, June 28th, Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock. The shares were sold at an average price of $44.42, for a total value of $189,762.24.

Smartsheet Stock Down 1.6 %

Shares of SMAR opened at $50.83 on Friday. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of -81.98 and a beta of 0.74. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $54.50. The stock’s 50-day moving average price is $48.45 and its 200-day moving average price is $43.10.

Smartsheet (NYSE:SMAR) last posted its earnings results 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 during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.23) EPS. As a group, equities analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has initiated a stock repurchase program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Smartsheet

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

Analyst Ratings Changes

A number of brokerages recently commented on SMAR. Morgan Stanley boosted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Citigroup boosted their price target on Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. DA Davidson restated a “buy” rating and set a $55.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. BMO Capital Markets boosted their target price on shares of Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday, September 6th. Finally, Truist Financial raised their price target on shares of Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Smartsheet currently has a consensus 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.