Smartsheet Inc (NYSE:SMAR) Insider Sells $180,656.89 in Stock

by · The Cerbat Gem

Smartsheet Inc (NYSE:SMAR – Get Free Report) insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the sale, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

  • 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 value 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 value of $172,181.34.

Smartsheet Price Performance

SMAR traded down $0.91 on Tuesday, reaching $51.78. The company’s stock had a trading volume of 2,560,412 shares, compared to its average volume of 1,511,353. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $54.50. The business’s 50 day moving average is $47.95 and its 200 day moving average is $42.92. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of -83.51 and a beta of 0.74.

Smartsheet (NYSE:SMAR – Get Free Report) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same quarter in the prior year, the business posted ($0.23) EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, research analysts forecast 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 repurchase program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

SMAR has been the subject of several research reports. Citigroup boosted their price objective on shares of Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Barclays raised their price objective on Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. DA Davidson reiterated a “buy” rating and set a $55.00 target price on shares of Smartsheet in a report on Friday, September 6th. Morgan Stanley raised their price target on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, Canaccord Genuity Group boosted their price objective on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Smartsheet presently has an average rating of “Moderate Buy” and an average target price of $55.06.

Get Our Latest Report on Smartsheet

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. increased its stake in shares of Smartsheet by 20.3% in the first 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 period. Norges Bank bought a new stake in Smartsheet during the 4th quarter valued at $68,879,000. CWM LLC boosted its position in 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 bought a new position in shares of Smartsheet in the first quarter worth $1,512,000. Finally, Alberta Investment Management Corp bought a new position in shares of Smartsheet in the fourth quarter worth $1,219,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Company Profile

(Get Free Report)

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.

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