Smartsheet Inc (NYSE:SMAR) COO Stephen Robert Branstetter Sells 1,847 Shares

Smartsheet Inc (NYSE:SMAR) COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Stephen Robert Branstetter also recently made the following trade(s):

• On Thursday, July 18th, Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00.
• On Friday, June 28th, Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock. The stock was sold at an average price of $44.42, for a total transaction of $189,762.24.

Smartsheet Stock Performance

Shares of SMAR opened at $51.78 on Wednesday. The stock has a market capitalization of $7.16 billion, a P/E ratio of -83.51 and a beta of 0.74. The company’s fifty day moving average is $48.13 and its two-hundred day moving average is $42.98. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $54.50.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to analysts’ expectations 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 was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.23) EPS. Sell-side analysts predict that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Smartsheet

Several institutional investors have recently bought and sold shares of the company. First Horizon Advisors Inc. grew its stake in shares of Smartsheet by 37.5% during the 2nd 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. Amalgamated Bank grew its stake in shares of Smartsheet by 3.5% during the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after purchasing an additional 294 shares during the period. Advisors Asset Management Inc. grew its stake in shares of Smartsheet by 24.6% during 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 period. Washington Capital Management Inc. grew its stake in shares of Smartsheet by 2.1% during the 2nd 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. grew its stake in shares of Smartsheet by 3.0% during the 4th 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. 90.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on SMAR shares. Wells Fargo & Company boosted their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, June 6th. Canaccord Genuity Group boosted their price objective 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. Morgan Stanley boosted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Royal Bank of Canada upped their price target on shares of Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a research report on Friday, September 6th. Finally, Barclays upped their price target on shares of Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Smartsheet has an average rating of “Moderate Buy” and a consensus price target of $55.06.

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.