Jolene Lau Marshall Sells 3,571 Shares of Smartsheet Inc (NYSE:SMAR) Stock

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the transaction, the insider now owns 13,529 shares in the company, valued at approximately $684,432.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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 shares were 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. 2,560,412 shares of the company traded hands, compared to its average volume of 1,511,353. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $54.50. The company has a market cap of $7.16 billion, a price-to-earnings ratio of -83.51 and a beta of 0.74. The stock’s 50 day moving average price is $47.95 and its 200-day moving average price is $42.92.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. Smartsheet’s revenue for the quarter 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. As a group, equities 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 buyback plan 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 stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Smartsheet

Several large investors have recently made changes to their positions in the company. First Horizon Advisors Inc. increased its position in Smartsheet by 37.5% during 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. Amalgamated Bank raised its stake in shares of Smartsheet by 3.5% in the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock valued at $383,000 after acquiring an additional 294 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in Smartsheet by 24.6% in the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after purchasing an additional 360 shares during the last quarter. Washington Capital Management Inc. boosted its position in Smartsheet by 2.1% during the second quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock worth $872,000 after purchasing an additional 400 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Smartsheet by 3.0% during 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 during the period. Institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on SMAR. Canaccord Genuity Group boosted their price target on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Barclays boosted their target price on shares of Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. Truist Financial raised their target price on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Citigroup upped their price target on Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Morgan Stanley raised their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Smartsheet presently has a consensus rating of “Moderate Buy” and an average price target of $55.06.

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.