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

Smartsheet Inc (NYSE:SMAR) shares saw an uptick in trading volume on Tuesday . 2,421,675 shares traded hands during mid-day 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.

Analysts Set New Price Targets

SMAR has been the topic of several research analyst reports. Barclays lifted their price target on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Jefferies Financial Group restated a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Citigroup reiterated a “neutral” rating and issued a $56.50 target price (down from $63.00) on shares of Smartsheet in a report on Friday. Finally, Royal Bank of Canada raised their target price on shares of Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Price Performance

The firm’s fifty day moving average is $49.60 and its 200 day moving average is $43.75. The firm has a market capitalization of $7.66 billion, a price-to-earnings ratio of -89.29 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. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same quarter last year, the business posted ($0.23) EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. Equities research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its Board of Directors has authorized a stock repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at $2,965,968. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, 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 transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the transaction, the chief operating officer now directly owns 61,791 shares in the company, valued at $2,965,968. The disclosure for this sale can be found here. Insiders sold 35,157 shares of company stock valued at $1,762,763 in the last three months. Corporate insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

A number of institutional investors have recently modified their holdings of SMAR. Sei Investments Co. increased its stake in shares of Smartsheet by 20.3% in the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after purchasing an additional 24,823 shares during the period. CWM LLC lifted its holdings in shares of Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Smartsheet in the first quarter valued at approximately $1,512,000. Alberta Investment Management Corp bought a new position in Smartsheet during the fourth quarter worth $1,219,000. Finally, Sirios Capital Management L P acquired a new position in Smartsheet during the 4th quarter valued at $9,947,000. Institutional investors 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.