Smartsheet Inc (NYSE:SMAR) Insider Jolene Lau Marshall Sells 3,205 Shares of Stock

Smartsheet Inc (NYSE:SMAR) insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction on Friday, November 15th. The shares were sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the transaction, the insider now directly owns 18,695 shares of the company’s stock, valued at $1,045,424.40. The trade was a 14.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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 stock was sold at an average price of $50.59, for a total value of $180,656.89.

Smartsheet Stock Performance

Smartsheet stock opened at $55.89 on Wednesday. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55. The stock’s 50 day moving average price is $54.99 and its 200 day moving average price is $48.10. The firm has a market capitalization of $7.77 billion, a PE ratio of -180.28 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $274.23 million. During the same quarter in the previous year, the firm posted ($0.23) EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. On average, analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its board has authorized a share repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to buy up to 2.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Smartsheet

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after acquiring an additional 225,390 shares in the last quarter. Eminence Capital LP lifted its position in shares of Smartsheet by 9.2% during the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after purchasing an additional 358,988 shares during the last quarter. State Street Corp lifted its position in shares of Smartsheet by 6.2% during the third quarter. State Street Corp now owns 2,492,949 shares of the company’s stock worth $138,010,000 after purchasing an additional 146,353 shares during the last quarter. Geode Capital Management LLC grew its stake in Smartsheet by 2.4% in the third quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company’s stock worth $123,545,000 after purchasing an additional 52,293 shares in the last quarter. Finally, RGM Capital LLC increased its holdings in Smartsheet by 7.6% in the second quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after buying an additional 156,817 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SMAR shares. UBS Group restated a “neutral” rating and issued a $56.50 target price (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. 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 reaffirmed a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Barclays increased their price target on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Finally, Truist Financial reaffirmed a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, seventeen have issued 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 an average target price 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.