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

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the sale, the insider now directly owns 18,695 shares of the company’s stock, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 value of $197,726.27.
• On Friday, September 13th, Jolene Lau Marshall sold 3,571 shares of Smartsheet stock. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89.

Smartsheet Stock Performance

SMAR opened at $55.93 on Thursday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The firm’s fifty day moving average is $55.08 and its 200 day moving average is $48.22.

Smartsheet (NYSE:SMAR) last announced its quarterly 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 company had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same period in the previous year, the firm posted ($0.23) EPS. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. Equities analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its Board of Directors has approved a share repurchase 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Smartsheet

Several institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE raised its holdings in shares of Smartsheet by 12.9% during the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after acquiring an additional 200 shares in the last quarter. Landscape Capital Management L.L.C. increased its position in Smartsheet by 0.3% in the third quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock worth $4,596,000 after purchasing an additional 225 shares during the last quarter. First Horizon Advisors Inc. raised its stake in Smartsheet by 25.5% during the third quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock valued at $62,000 after purchasing an additional 228 shares in the last quarter. Principal Financial Group Inc. lifted its position in Smartsheet by 2.4% during the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock valued at $639,000 after purchasing an additional 266 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of Smartsheet by 2.1% in the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock worth $734,000 after buying an additional 277 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SMAR shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $56.50 price objective on shares of Smartsheet in a research note on Thursday, October 24th. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Canaccord Genuity Group lowered Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. UBS Group restated a “neutral” rating and set a $56.50 target price (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Smartsheet presently has a consensus rating of “Hold” and a consensus price target of $55.82.

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.