Smartsheet (NYSE:SMAR) Sets New 52-Week High - Time to Buy?

Smartsheet Inc (NYSE:SMAR - Get Free Report)'s share price reached a new 52-week high on Thursday . The stock traded as high as $56.36 and last traded at $56.36, with a volume of 628897 shares changing hands. The stock had previously closed at $55.89.

Analysts Set New Price Targets

Several analysts have weighed in on SMAR shares. UBS Group reissued a "neutral" rating and issued a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Citigroup reissued a "neutral" rating and issued a $56.50 target price (down previously from $63.00) on shares of Smartsheet in a report on Friday, September 27th. Canaccord Genuity Group reissued a "hold" rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Guggenheim upped their target price on Smartsheet from $60.00 to $62.00 and gave the company a "buy" rating in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $55.82.

Smartsheet Price Performance

The company has a 50-day moving average of $52.59 and a two-hundred day moving average of $45.75. The stock has a market capitalization of $7.82 billion, a PE ratio of -181.64 and a beta of 0.75.

Smartsheet (NYSE:SMAR - Get Free Report) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm'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) earnings per share. On average, research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has approved a stock buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the company's stock in a transaction dated 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 directly owns 17,100 shares in the company, valued at $823,878. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value 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. This trade represents 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 link. Also, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 588,762 shares of the company's stock, valued at approximately $30,486,096.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,730 shares of company stock worth $1,968,866 over the last three months. 4.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Smartsheet

A number of large investors have recently modified their holdings of SMAR. International Assets Investment Management LLC acquired a new stake in shares of Smartsheet in the second quarter valued at about $25,000. Banque Cantonale Vaudoise acquired a new stake in shares of Smartsheet in the first quarter valued at about $29,000. Versant Capital Management Inc acquired a new stake in shares of Smartsheet in the second quarter valued at about $31,000. Raleigh Capital Management Inc. acquired a new stake in Smartsheet during the 3rd quarter valued at approximately $31,000. Finally, Waldron Private Wealth LLC acquired a new stake in Smartsheet during the 3rd quarter valued at approximately $33,000. Institutional investors and hedge funds own 90.01% of the company's stock.

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.