Smartsheet (NYSE:SMAR) Hits New 52-Week High – Should You Buy?

Smartsheet Inc (NYSE:SMAR) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $56.36 and last traded at $56.36, with a volume of 628897 shares traded. The stock had previously closed at $55.89.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SMAR shares. UBS Group reaffirmed a “neutral” rating and set a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $56.50 target price on shares of Smartsheet in a research report on Thursday. Guggenheim upped their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $56.50 price target (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $55.82.

Smartsheet Price Performance

The company has a market cap of $7.82 billion, a PE ratio of -91.15 and a beta of 0.75. The business has a fifty day simple moving average of $52.88 and a two-hundred day simple moving average of $45.95.

Smartsheet (NYSE:SMAR) last issued 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. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the prior year, the business posted ($0.23) EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. On average, equities research analysts predict that Smartsheet Inc will post -0.05 EPS for the current year.

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

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s 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 directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares in the company, valued at approximately $823,878. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,730 shares of company stock valued at $1,968,866 in the last quarter. 4.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Smartsheet

Large investors have recently added to or reduced their stakes in the company. AMI Asset Management Corp acquired a new stake in shares of Smartsheet during the first quarter worth about $3,990,000. Van ECK Associates Corp purchased a new position in Smartsheet during the 1st quarter worth approximately $2,043,000. Smith Group Asset Management LLC lifted its stake in Smartsheet by 57.6% during the 1st quarter. Smith Group Asset Management LLC now owns 10,400 shares of the company’s stock valued at $400,000 after acquiring an additional 3,800 shares during the period. Capstone Investment Advisors LLC purchased a new stake in shares of Smartsheet in the 1st quarter valued at $1,512,000. Finally, Coronation Fund Managers Ltd. increased its stake in shares of Smartsheet by 44.2% in the first quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock worth $59,683,000 after acquiring an additional 474,898 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.