Smartsheet (NYSE:SMAR) Sets New 52-Week High Following Earnings Beat

Smartsheet Inc (NYSE:SMAR) shares hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $51.42 and last traded at $49.64, with a volume of 2814467 shares changing hands. The stock had previously closed at $47.34.

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 8.35% and a negative return on equity of 12.06%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.23) EPS.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Citigroup boosted their target price on Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday. Morgan Stanley boosted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday. DA Davidson reissued a “buy” rating and set a $55.00 price target on shares of Smartsheet in a research report on Friday. Guggenheim boosted their price target on shares of Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a report on Friday. Finally, Royal Bank of Canada raised their price objective on Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Smartsheet presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.06.

Insider Activity

In other Smartsheet news, CFO Pete Godbole sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $43.54, for a total transaction of $326,550.00. Following the sale, the chief financial officer now directly owns 36,846 shares of the company’s stock, valued at approximately $1,604,274.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the sale, the chief operating officer now owns 63,795 shares in the company, valued at $2,833,773.90. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Pete Godbole sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $43.54, for a total transaction of $326,550.00. Following the transaction, the chief financial officer now owns 36,846 shares in the company, valued at $1,604,274.84. The disclosure for this sale can be found here. Insiders have sold 32,929 shares of company stock worth $1,446,805 over the last ninety days. Insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

A number of hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC bought a new stake in shares of Smartsheet during the 2nd quarter worth about $25,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet during the second quarter worth approximately $31,000. Banque Cantonale Vaudoise acquired a new position in shares of Smartsheet in the first quarter valued at approximately $29,000. First Horizon Advisors Inc. increased its stake in shares of 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 purchasing an additional 244 shares during the period. Finally, Plato Investment Management Ltd acquired a new stake in Smartsheet during the 1st quarter worth approximately $35,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Stock Performance

The stock has a market capitalization of $7.23 billion, a price-to-earnings ratio of -84.32 and a beta of 0.74. The business has a fifty day simple moving average of $47.00 and a 200 day simple moving average of $42.52.

Smartsheet Company Profile

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.