Smartsheet (NYSE:SMAR) Sets New 12-Month High at $55.00

Smartsheet Inc (NYSE:SMAR)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $55.00 and last traded at $55.00, with a volume of 238444 shares. The stock had previously closed at $52.09.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group raised their target price on Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Royal Bank of Canada raised their price objective on Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a report on Friday, September 6th. Guggenheim upped their target price on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, September 6th. DA Davidson reissued a “buy” rating and issued a $55.00 price target on shares of Smartsheet in a research note on Friday, September 6th. Finally, Morgan Stanley upped their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $55.06.

Smartsheet Stock Up 6.0 %

The stock has a 50-day simple moving average of $48.76 and a 200 day simple moving average of $43.25. The company has a market cap of $7.64 billion, a PE ratio of -84.00 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data 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. 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 firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.23) EPS. As a group, research analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its board has initiated a stock buyback plan on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,429 shares of company stock valued at $1,952,525. Corporate insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

Hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new position in Smartsheet during the 2nd quarter worth approximately $25,000. Banque Cantonale Vaudoise purchased a new position in Smartsheet during the 1st quarter worth $29,000. Versant Capital Management Inc acquired a new position in Smartsheet in the second quarter valued at $31,000. Plato Investment Management Ltd purchased a new stake in shares of Smartsheet in the first quarter valued at about $35,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.