Smartsheet (NYSE:SMAR) Reaches New 1-Year High at $54.50

Shares of Smartsheet Inc (NYSE:SMAR) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $54.50 and last traded at $53.31, with a volume of 2682516 shares. The stock had previously closed at $52.22.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada raised their price target on shares of Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a research note on Friday, September 6th. Citigroup raised their price target on shares of Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Truist Financial raised their price objective on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, September 6th. UBS Group raised their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Finally, Canaccord Genuity Group raised their price objective on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a report 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. Based on data from MarketBeat.com, Smartsheet currently has an average rating of “Moderate Buy” and a consensus target price of $55.06.

Smartsheet Trading Up 0.9 %

The company’s fifty day simple moving average is $47.77 and its 200 day simple moving average is $42.85. The stock has a market capitalization of $7.29 billion, a P/E ratio of -84.22 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly 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. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the firm earned ($0.23) EPS. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities research analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has authorized a stock buyback plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, CFO Pete Godbole sold 7,244 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $41.22, for a total transaction of $298,597.68. Following the sale, the chief financial officer now owns 30,786 shares in the company, valued at approximately $1,268,998.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Pete Godbole sold 7,244 shares of Smartsheet stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $41.22, for a total value of $298,597.68. Following the transaction, the chief financial officer now owns 30,786 shares in the company, valued at approximately $1,268,998.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the transaction, the chief operating officer now owns 61,791 shares in the company, valued at approximately $2,965,968. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,255 shares of company stock worth $936,975. 4.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

A number of hedge funds have recently modified their holdings of SMAR. Norges Bank purchased a new position in shares of Smartsheet in the fourth quarter valued at about $68,879,000. Swedbank AB purchased a new position in shares of Smartsheet in the first quarter valued at about $38,388,000. Granahan Investment Management LLC increased its position in shares of Smartsheet by 908.1% in the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after acquiring an additional 937,483 shares during the period. AQR Capital Management LLC increased its position in shares of Smartsheet by 188.0% in the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after acquiring an additional 881,004 shares during the period. Finally, Engaged Capital LLC purchased a new position in shares of Smartsheet in the second quarter valued at about $29,600,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.