Smartsheet (NYSE:SMAR) Sees Strong Trading Volume - What's Next?

Shares of Smartsheet Inc (NYSE:SMAR - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 2,055,246 shares traded hands during trading, a decline of 4% from the previous session's volume of 2,131,622 shares.The stock last traded at $55.98 and had previously closed at $56.25.

Analyst Ratings Changes

SMAR has been the topic of a number of research analyst reports. Truist Financial reaffirmed a "hold" rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Guggenheim lifted their price objective on Smartsheet from $60.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, September 6th. Barclays lifted their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the company an "equal weight" rating in a research report on Wednesday, September 25th. Canaccord Genuity Group downgraded shares of Smartsheet from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 25th. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $55.82.

Smartsheet Stock Down 0.7 %

The business has a 50 day simple moving average of $53.55 and a 200-day simple moving average of $46.71. The company has a market capitalization of $7.76 billion, a P/E ratio of -181.45 and a beta of 0.74.

Smartsheet (NYSE:SMAR - Get Free Report) last released its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating 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 business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period in the prior year, the business earned ($0.23) earnings per share. The business's quarterly revenue was up 17.3% on a year-over-year basis. Equities analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

Insider Activity at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the sale, the insider now owns 9,958 shares of the company's stock, valued at approximately $551,374.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total transaction of $276,750.00. Following the sale, the chief executive officer now directly owns 583,762 shares in the company, valued at $32,311,226.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the sale, the insider now directly owns 9,958 shares in the company, valued at approximately $551,374.46. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,730 shares of company stock worth $1,968,866. 4.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Swedbank AB bought a new position in Smartsheet during the first quarter worth about $38,388,000. AQR Capital Management LLC raised its position in Smartsheet by 188.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company's stock valued at $58,844,000 after buying an additional 881,004 shares during the last quarter. Engaged Capital LLC bought a new stake in Smartsheet in the 2nd quarter valued at approximately $29,600,000. Marshall Wace LLP boosted its position in Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company's stock worth $80,931,000 after acquiring an additional 533,278 shares during the last quarter. Finally, Panagora Asset Management Inc. bought a new position in shares of Smartsheet during the 2nd quarter worth approximately $21,254,000. Institutional investors 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.