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

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the transaction, the insider now owns 9,958 shares in the company, valued at $551,374.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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 stock was sold at an average price of $50.59, for a total value of $180,656.89.
• On Thursday, August 15th, Jolene Lau Marshall sold 3,741 shares of Smartsheet stock. The shares were sold at an average price of $48.18, for a total value of $180,241.38.
• On Friday, July 5th, Jolene Lau Marshall sold 3,994 shares of Smartsheet stock. The stock was sold at an average price of $43.11, for a total value of $172,181.34.

Smartsheet Price Performance

Shares of NYSE SMAR traded up $0.13 during trading hours on Thursday, hitting $55.50. 5,233,536 shares of the company’s stock were exchanged, compared to its average volume of 2,058,111. The company’s 50-day moving average price is $50.06 and its 200-day moving average price is $44.03. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $55.60. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of -89.52 and a beta of 0.74.

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, topping the consensus estimate 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 business had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same quarter last year, the company posted ($0.23) earnings per share. Smartsheet’s quarterly revenue was up 17.3% on a year-over-year basis. On average, research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SMAR. Allianz Asset Management GmbH boosted its holdings in shares of Smartsheet by 69.2% in the 4th quarter. Allianz Asset Management GmbH now owns 132,482 shares of the company’s stock worth $6,335,000 after acquiring an additional 54,164 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in Smartsheet by 3.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 56,739 shares of the company’s stock worth $2,713,000 after buying an additional 1,640 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in Smartsheet by 51.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 148,072 shares of the company’s stock worth $7,081,000 after acquiring an additional 50,181 shares during the last quarter. Armistice Capital LLC acquired a new position in shares of Smartsheet during the fourth quarter worth approximately $467,000. Finally, Capital International Sarl grew its stake in shares of Smartsheet by 11.3% during the fourth 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 last quarter. 90.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on SMAR shares. Truist Financial restated a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Canaccord Genuity Group restated a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Barclays lifted their price objective on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Needham & Company LLC reaffirmed a “hold” rating and issued a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $55.82.

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.