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 stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

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 shares were 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 shares were sold at an average price of $44.42, for a total transaction of $189,762.24.

Smartsheet Price Performance

Shares of SMAR stock opened at $51.78 on Wednesday. The firm has a market cap of $7.16 billion, a P/E ratio of -83.51 and a beta of 0.74. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $54.50. The firm’s 50-day simple moving average is $48.13 and its 200-day simple moving average is $42.98.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.15. The business had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.23) EPS. Analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SMAR. International Assets Investment Management LLC purchased a new position in Smartsheet in the second quarter valued at approximately $25,000. Banque Cantonale Vaudoise purchased a new position in Smartsheet in the first quarter valued at approximately $29,000. Versant Capital Management Inc purchased a new position in Smartsheet in the second quarter valued at approximately $31,000. Plato Investment Management Ltd purchased a new position in Smartsheet in the first quarter valued at approximately $35,000. Finally, First Horizon Advisors Inc. raised its holdings in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after buying an additional 244 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Royal Bank of Canada increased their price objective on shares of Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a research note on Friday, September 6th. Barclays increased their price objective on shares of Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. Truist Financial increased their price objective on shares of Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, September 6th. UBS Group upped their target price on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, DA Davidson restated a “buy” rating and issued a $55.00 target price on shares of Smartsheet in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Smartsheet presently has a consensus 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.