The Vanguard Group, Inc. recently announced the acquisition of new stake in Smartsheet Inc. (NYSE:SMAR). The institutional investor has increased its shareholding in the Technology company by 3.60% to 12.0 million shares with purchase of 0.42 million shares. This fresh investment now brings its stake to 9.14% valued currently at $528.26 million. In addition, BlackRock Fund Advisors raised its holdings by 0.32 million to 5.38 million shares. And Dorsey Asset Management LLC has lifted its position by 11.77% or 0.41 million shares – to 3.85 million shares.
With over 4.35 million Smartsheet Inc. (SMAR) shares trading Tuesday and a closing price of $38.32 on the day, the dollar volume was approximately $166.8 million. The shares have shown a negative half year performance of -4.56% and its price on 03/14/23 lost nearly -3.57%. Currently, there are 130.63M common shares owned by the public and among those 126.81M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for SMAR have a consensus price objective of $47.29. The analysts have set the share’s price value over the next 12 months at a high of $57.00 and a low of $36.00. The average price target is 18.88% above its recent price level and a downside to the estimated low will see the stock lose -6.44% over that period. But an upside of 32.77% will see the stock hit the forecast high price target while median target price for the stock is $46.00.
Insiders at the company have transacted a total of 201 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 136 of these insider trades were purchases, accounting for 420,662 shares. Insider sales of the common stock occurred on 65 occasions, with total insider shares sold totaling 179,494 shares.
The top 3 mutual fund holders in Smartsheet Inc. are American Funds Small Cap World Fu, Vanguard Total Stock Market Index, and American Funds Growth Fund of Ame. American Funds Small Cap World Fu owns 7.65 million shares of the company’s stock, all valued at over $336.96 million. The company bought an additional 1.3 million shares recently to bring their total holdings to about 5.83% of the shares outstanding. Vanguard Total Stock Market Index bought 22918.0 shares to see its total holdings expand to 3.8 million shares valued at over $167.34 million and representing 2.90% of the shares outstanding. American Funds Growth Fund of Ame now owns shares totaling to 2.89% of the shares outstanding.
Shares of Smartsheet Inc. (NYSE: SMAR) opened at $40.76, up $1.02 from a prior closing price of $39.74. However, the script later moved the day high at 41.11, down -3.57%. The company’s stock has a 5-day price change of -14.65% and 2.46% over the past three months. SMAR shares are trading -2.64% year to date (YTD), with the 12-month market performance down to -17.41% lower. It has a 12-month low price of $25.09 and touched a high of $58.22 over the same period. SMAR has an average intraday trading volume of 1.25 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -12.12%, -10.05%, and 6.36% respectively.
Institutional ownership of Smartsheet Inc. (NYSE: SMAR) shares accounts for 92.30% of the company’s 130.63M shares outstanding. Mutual fund holders own 40.95%, while other institutional holders and individual stakeholders account for 49.11% and 4.17% respectively.
It has a market capitalization of $5.47B and a beta (3y monthly) value of 1.07. The earnings-per-share (ttm) stands at -$1.75. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.62% over the week and 4.25% over the month.
Analysts forecast that Smartsheet Inc. (SMAR) will achieve an EPS of -$0.01 for the current quarter, -$0.06 for the next quarter and -$0.08 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.01 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was -$0.12 a year ago. Earnings per share for the fiscal year are expected to decrease by -42.90%, and 74.20% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate Smartsheet Inc. (SMAR) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 17 Wall Street analysts polled rate the stock as a buy, while 5 of the 22 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SMAR, a number of firms have released research notes about the stock. Barclays stated their Equal Weight rating for the stock in a research note on December 15, 2022, with the firm’s price target at $45. KeyBanc Capital Markets coverage for the Smartsheet Inc. (SMAR) stock in a research note released on October 13, 2022 offered a Overweight rating with a price target of $46. Credit Suisse was of a view on September 23, 2022 that the stock is Neutral, while MoffettNathanson gave the stock Outperform rating on September 22, 2022, issuing a price target of $50. Citigroup on their part issued Neutral rating on September 01, 2022.
