Smartsheet (NYSE:SMAR) Sees Large Volume Increase Following Analyst Upgrade

by · The Markets Daily

Shares of Smartsheet Inc (NYSE:SMAR – Get Free Report) saw unusually-high trading volume on Wednesday after Barclays raised their price target on the stock from $50.00 to $56.50. Barclays currently has an equal weight rating on the stock. Approximately 3,134,250 shares changed hands during trading, an increase of 86% from the previous session’s volume of 1,687,042 shares.The stock last traded at $55.44 and had previously closed at $55.46.

Other equities analysts have also recently issued research reports about the stock. Jefferies Financial Group reaffirmed 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. Needham & Company LLC reaffirmed a “hold” rating and set a $57.00 target price on shares of Smartsheet in a report on Tuesday. Wells Fargo & Company reiterated an “equal weight” rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday. Truist Financial reissued a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research report on Wednesday. Finally, Morgan Stanley lifted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $56.21.

Get Our Latest Stock Report on Smartsheet

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares of the company’s stock, valued at $714,203.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares in the company, valued at approximately $714,203.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,157 shares of company stock worth $1,762,763. 4.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMAR. International Assets Investment Management LLC bought a new position in shares of Smartsheet during the 2nd quarter valued at about $25,000. Versant Capital Management Inc acquired a new stake in Smartsheet during the second quarter valued at approximately $31,000. Banque Cantonale Vaudoise bought a new stake in Smartsheet during the first quarter worth approximately $29,000. First Horizon Advisors Inc. grew its position in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after buying an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new position in shares of Smartsheet in the first quarter valued at $35,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Price Performance

The company has a market cap of $7.69 billion, a P/E ratio of -89.24 and a beta of 0.74. The company has a fifty day simple moving average of $49.17 and a 200-day simple moving average of $43.43.

Smartsheet (NYSE:SMAR – Get Free Report) last announced its 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. The business had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.23) earnings per share. On average, analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its board has authorized a stock repurchase program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

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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