Smartsheet (NYSE:SMAR) Reaches New 1-Year High – Still a Buy?

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SMAR shares. Canaccord Genuity Group restated a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. JPMorgan Chase & Co. restated a “neutral” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Barclays upped their target price on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group reissued a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $56.50 price target (down from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Smartsheet has an average rating of “Hold” and a consensus target price of $55.82.

Smartsheet Stock Performance

The stock has a 50 day moving average of $52.59 and a 200 day moving average of $45.75.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share 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 company’s revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.23) earnings per share. On average, analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current year.

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

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction that occurred on Thursday, August 15th. The shares were 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 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 can be accessed through this hyperlink. In other news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 17,100 shares in the company, valued at $823,878. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the 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 sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,730 shares of company stock valued at $1,968,866 over the last 90 days. 4.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Smartsheet

Hedge funds and other institutional investors have recently modified their holdings of the company. Sei Investments Co. lifted its stake in shares of Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after purchasing an additional 24,823 shares during the last quarter. CWM LLC lifted its holdings in shares of Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after acquiring an additional 13,621 shares during the period. Capstone Investment Advisors LLC acquired a new stake in Smartsheet during the first quarter valued at approximately $1,512,000. AMI Asset Management Corp acquired a new stake in Smartsheet in the 1st quarter valued at $3,990,000. Finally, Vanguard Group Inc. boosted its stake in shares of Smartsheet by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after purchasing an additional 225,390 shares in 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.