Smartsheet (NYSE:SMAR) Hits New 52-Week High at $54.50

Shares of Smartsheet Inc (NYSE:SMAR) hit a new 52-week high on Monday . The stock traded as high as $54.50 and last traded at $53.31, with a volume of 2682516 shares. The stock had previously closed at $52.22.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Barclays lifted their price target on Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, September 6th. Citigroup raised their price target on shares of Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, September 6th. Wells Fargo & Company upped their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, June 6th. DA Davidson reaffirmed a “buy” rating and issued a $55.00 price target on shares of Smartsheet in a research report on Friday, September 6th. Finally, UBS Group upped their target price on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.06.

Smartsheet Price Performance

The stock’s 50-day moving average price is $48.30 and its 200-day moving average price is $43.04. The company has a market cap of $7.14 billion, a P/E ratio of -83.29 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, beating analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million for 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 firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.23) earnings per share. As a group, analysts expect that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

Insider Transactions at Smartsheet

In other news, CFO Pete Godbole sold 7,244 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $41.22, for a total value of $298,597.68. Following the transaction, the chief financial officer now directly owns 30,786 shares of the company’s stock, valued at approximately $1,268,998.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction on Friday, June 28th. The shares were 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 of the company’s stock, valued at approximately $2,833,773.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Pete Godbole sold 7,244 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $41.22, for a total value of $298,597.68. Following the completion of the transaction, the chief financial officer now directly owns 30,786 shares of the company’s stock, valued at $1,268,998.92. The disclosure for this sale can be found here. Insiders sold 26,673 shares of company stock worth $1,215,523 over the last ninety days. 4.52% of the stock is owned by insiders.

Institutional Trading of Smartsheet

A number of large investors have recently bought and sold shares of the company. First Horizon Advisors Inc. increased its holdings in shares of Smartsheet by 37.5% in the second 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 boosted its holdings in shares of Smartsheet by 3.5% during the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after purchasing an additional 294 shares during the period. Advisors Asset Management Inc. lifted its holdings in Smartsheet by 24.6% in 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. boosted its holdings in Smartsheet by 2.1% in the second quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock valued at $872,000 after acquiring an additional 400 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after purchasing an additional 402 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.