James N. White Sells 150,000 Shares of Smartsheet Inc (NYSE:SMAR) Stock

Smartsheet Inc (NYSE:SMAR) Director James N. White sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $44.72, for a total value of $6,708,000.00. Following the transaction, the director now directly owns 29,066 shares in the company, valued at $1,299,831.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Smartsheet Trading Down 3.5 %

Smartsheet stock opened at $41.92 on Friday. Smartsheet Inc has a 12 month low of $25.09 and a 12 month high of $52.81. The business’s fifty day simple moving average is $41.38 and its two-hundred day simple moving average is $42.80. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of -37.43 and a beta of 0.96.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, September 7th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.09. Smartsheet had a negative net margin of 16.84% and a negative return on equity of 28.15%. The company had revenue of $235.60 million for the quarter, compared to analysts’ expectations of $229.57 million. During the same quarter in the previous year, the business posted ($0.46) EPS. Smartsheet’s revenue was up 26.2% compared to the same quarter last year. On average, equities research analysts predict that Smartsheet Inc will post -1.15 EPS for the current year.

Institutional Investors Weigh In On Smartsheet

Institutional investors and hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new stake in Smartsheet during the 4th quarter valued at $515,000. Russell Investments Group Ltd. raised its position in Smartsheet by 21.6% in the 4th quarter. Russell Investments Group Ltd. now owns 104,087 shares of the company’s stock worth $4,097,000 after buying an additional 18,490 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its stake in Smartsheet by 112.0% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 24,344 shares of the company’s stock valued at $1,164,000 after acquiring an additional 12,859 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Smartsheet by 0.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,101,147 shares of the company’s stock valued at $52,635,000 after acquiring an additional 3,970 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Smartsheet by 10.8% during the 4th quarter. Principal Financial Group Inc. now owns 16,117 shares of the company’s stock valued at $634,000 after acquiring an additional 1,575 shares during the last quarter. Institutional investors own 88.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SMAR shares. 888 reiterated a “maintains” rating on shares of Smartsheet in a report on Monday, June 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 target price on shares of Smartsheet in a research note on Friday, September 8th. BMO Capital Markets increased their price target on shares of Smartsheet from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, September 8th. Morgan Stanley lifted their price objective on Smartsheet from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, September 8th. Finally, Canaccord Genuity Group increased their target price on Smartsheet from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, September 8th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.64.

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.