Smartsheet Inc (NYSE:SMAR) Insider Sells $197,726.27 in Stock

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total value of $197,726.27. Following the sale, the insider now directly owns 9,958 shares of the company’s stock, valued at $551,374.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Jolene Lau Marshall also recently made the following trade(s):

• On Friday, September 13th, Jolene Lau Marshall sold 3,571 shares of Smartsheet stock. The stock was sold at an average price of $50.59, for a total value of $180,656.89.
• On Thursday, August 15th, Jolene Lau Marshall sold 3,741 shares of Smartsheet stock. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38.
• On Friday, July 5th, Jolene Lau Marshall sold 3,994 shares of Smartsheet stock. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34.

Smartsheet Stock Performance

Shares of SMAR opened at $55.53 on Friday. The company has a 50-day simple moving average of $50.20 and a 200-day simple moving average of $44.19. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $55.60. The firm has a market capitalization of $7.68 billion, a P/E ratio of -89.56 and a beta of 0.75.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate 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 quarter in the prior year, the firm posted ($0.23) EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, equities analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

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

Institutional Investors Weigh In On Smartsheet

A number of institutional investors have recently bought and sold shares of SMAR. Allianz Asset Management GmbH lifted its holdings in shares of Smartsheet by 69.2% during the 4th quarter. Allianz Asset Management GmbH now owns 132,482 shares of the company’s stock worth $6,335,000 after acquiring an additional 54,164 shares during the period. Treasurer of the State of North Carolina lifted its stake in Smartsheet by 3.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 56,739 shares of the company’s stock worth $2,713,000 after purchasing an additional 1,640 shares during the period. CIBC Private Wealth Group LLC lifted its stake in Smartsheet by 51.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 148,072 shares of the company’s stock worth $7,081,000 after purchasing an additional 50,181 shares during the period. Armistice Capital LLC acquired a new stake in Smartsheet during the fourth quarter valued at approximately $467,000. Finally, Capital International Sarl grew its stake in shares of Smartsheet by 11.3% in the 4th quarter. Capital International Sarl now owns 83,904 shares of the company’s stock valued at $4,012,000 after purchasing an additional 8,528 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SMAR shares. Citigroup reiterated a “neutral” rating and issued a $56.50 price objective (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Truist Financial reissued a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Royal Bank of Canada boosted their target price on Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a report on Wednesday, September 25th. Finally, Morgan Stanley increased their price target on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Smartsheet presently has a consensus rating of “Hold” and an average price target of $55.82.

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.