Smartsheet (NYSE:SMAR – Get Free Report) declared that its Board of Directors has initiated a share buyback plan on Thursday, September 5th, RTT News reports. The company plans to buyback $150.00 million in shares. This buyback authorization permits 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 believes its shares are undervalued.
Smartsheet Price Performance
Shares of SMAR opened at $52.40 on Tuesday. The firm has a 50-day moving average of $47.16 and a 200-day moving average of $42.59. The company has a market cap of $7.25 billion, a PE ratio of -84.52 and a beta of 0.74. Smartsheet has a one year low of $35.52 and a one year high of $54.28.
Smartsheet (NYSE:SMAR – Get Free Report) last announced its quarterly 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. Smartsheet had a negative return on equity of 4.42% and a negative net margin of 4.07%. The firm had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. The business’s revenue was up 17.3% compared to the same quarter last year. Analysts expect that Smartsheet will post -0.21 earnings per share for the current year.
Analyst Ratings Changes
Get Our Latest Research Report on SMAR
Insider Transactions at Smartsheet
In other news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Stephen Robert Branstetter sold 4,272 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $44.42, for a total transaction of $189,762.24. Following the transaction, the chief operating officer now directly owns 63,795 shares in the company, valued at $2,833,773.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,755 shares of company stock worth $1,263,525. 4.52% of the stock is owned by insiders.
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.
Featured Articles
- Five stocks we like better than Smartsheet
- 3 Small Caps With Big Return Potential
- Why Block’s Key Components Make It a Solid Investment Choice
- What is the Hang Seng index?
- Is Applied Digital’s Stock Set to Surge With NVIDIA’s Backing?
- Stock Market Holidays 2022-2025 – Here’s When the NYSE and NASDAQ Will be Closed
- 4 Reasons to Consider Adding General Mills to Your Portfolio
Receive News & Ratings for Smartsheet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Smartsheet and related companies with MarketBeat.com's FREE daily email newsletter.