Smartsheet (NYSE:SMAR) Reaches New 52-Week High – What’s Next?

Smartsheet Inc (NYSE:SMAR) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $55.89 and last traded at $55.88, with a volume of 222820 shares changing hands. The stock had previously closed at $55.80.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. BMO Capital Markets restated a “market perform” rating and set a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. UBS Group reaffirmed a “neutral” rating and issued a $56.50 price objective (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Wells Fargo & Company restated an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. One investment 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $55.82.

Smartsheet Price Performance

The business’s 50-day moving average price is $51.45 and its two-hundred day moving average price is $45.06. The firm has a market cap of $7.75 billion, a price-to-earnings ratio of -90.32 and a beta of 0.75.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the business earned ($0.23) EPS. Equities analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total transaction of $197,726.27. Following the completion of the sale, the insider now owns 9,958 shares of the company’s stock, valued at $551,374.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the completion of the transaction, the insider now directly owns 9,958 shares in the company, valued at $551,374.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 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 disclosure for this sale can be found here. Insiders sold a total of 39,734 shares of company stock worth $2,065,058 over the last 90 days. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Smartsheet by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 13,583,818 shares of the company’s stock worth $649,578,000 after buying an additional 276,117 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after purchasing an additional 402 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Smartsheet by 26.2% during the first quarter. Los Angeles Capital Management LLC now owns 792,997 shares of the company’s stock valued at $30,530,000 after purchasing an additional 164,859 shares during the period. Banque Cantonale Vaudoise bought a new stake in shares of Smartsheet during the first quarter valued at about $29,000. Finally, Washington Capital Management Inc. lifted its holdings in Smartsheet by 47.9% in the first quarter. Washington Capital Management Inc. now owns 19,375 shares of the company’s stock worth $746,000 after purchasing an additional 6,275 shares during the period. Institutional investors own 90.01% of the company’s stock.

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.