Smartsheet Inc (NYSE:SMAR) Insider Sells $179,223.60 in Stock

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 3,205 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $55.92, for a total transaction of $179,223.60. Following the sale, the insider now directly owns 18,695 shares in the company, valued at $1,045,424.40. This trade represents a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

• On Tuesday, October 1st, Jolene Lau Marshall sold 3,571 shares of Smartsheet stock. The shares were sold at an average price of $55.37, for a total transaction of $197,726.27.
• 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 transaction of $180,656.89.

Smartsheet Stock Performance

NYSE SMAR opened at $55.89 on Wednesday. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The business’s fifty day moving average is $54.99 and its two-hundred day moving average is $48.10. The stock has a market capitalization of $7.77 billion, a P/E ratio of -180.28 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The firm 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 company’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.23) EPS. On average, research analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has authorized a share buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently commented on SMAR shares. Citigroup reaffirmed a “neutral” rating and set a $56.50 target price (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. Needham & Company LLC restated a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a research note on Tuesday, September 24th. William Blair reiterated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Morgan Stanley upped their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.82.

Institutional Trading of Smartsheet

A number of institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. raised 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 acquiring an additional 24,823 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Smartsheet by 5.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 128,873 shares of the company’s stock worth $4,962,000 after purchasing an additional 6,260 shares during the period. Vanguard Group Inc. lifted its position in shares of Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares during the last quarter. Covestor Ltd boosted its stake in Smartsheet by 37.5% during the 1st quarter. Covestor Ltd now owns 2,899 shares of the company’s stock valued at $112,000 after purchasing an additional 790 shares during the period. Finally, Bessemer Group Inc. grew its holdings in Smartsheet by 1.3% in the 1st quarter. Bessemer Group Inc. now owns 39,271 shares of the company’s stock valued at $1,512,000 after buying an additional 500 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.