Smartsheet (NYSE:SMAR) Reaches New 1-Year High – Time to Buy?

Shares of Smartsheet Inc (NYSE:SMAR) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $55.60 and last traded at $55.60, with a volume of 1140397 shares trading hands. The stock had previously closed at $55.50.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SMAR shares. Wells Fargo & Company reiterated an “equal weight” rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. Royal Bank of Canada upped their target price on shares of Smartsheet from $51.00 to $56.50 and gave the company a “sector perform” rating in a research report on Wednesday, September 25th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. William Blair reiterated a “market perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Barclays lifted their price objective on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Performance

The firm has a 50 day simple moving average of $50.20 and a two-hundred day simple moving average of $44.23. The firm has a market capitalization of $7.69 billion, a P/E ratio of -89.49 and a beta of 0.75.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share 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 business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period in the previous year, the business earned ($0.23) EPS. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. Sell-side analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has approved a share buyback plan on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Smartsheet

In other news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares in the company, valued at approximately $823,878. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,734 shares of company stock worth $2,065,058. 4.52% of the stock is owned by corporate insiders.

Institutional Trading of Smartsheet

A number of hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new stake in Smartsheet during the 2nd quarter valued at about $25,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet in the 1st quarter valued at $29,000. Versant Capital Management Inc purchased a new position in shares of Smartsheet in the second quarter worth about $31,000. Plato Investment Management Ltd purchased a new position in Smartsheet in the 1st quarter worth approximately $35,000. Finally, First Horizon Advisors Inc. boosted its stake 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. 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.