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Director Buys $1M in Stock Ahead of Key Investor Day for Leading Collaborative Software Stock

by | Dec 15, 2021

SmartSheet (SMAR) notable open market buys recently on 12/10 when a director bought 15,000 shares of stock at $70.88, a more than $1M buy. This is just the second open market buy in the name in the last four years, the other a $100K purchase in July. SMAR shares basically flat for the year and more than 14% off of 52-week highs. A breakout move above the $83 range and outside of the 2021 range has room to run to $110 and continuation of the strong long-term trend. The $9.42B company trades 16.3X EV/sales with 40% growth expected in 2022 and 35% growth in 2023.  SMAR is coming off a strong quarter with the highest number of large deals closed in a quarter and best bookings performance in company history. SMAR should continue to thrive in 2022 with the adoption of more hybrid working plans and demand high for their collaborative work solutions. SMAR will host an Investor Day on January 7th, 2022, a key near-term catalyst which makes the buys intriguing in their timing. Analysts have an average target for shares of $95 with a Street High $105. BMO with an $88 PT noting that the billings guide of 37%-40% was very strong while longer term the stock has a long runway for growth with the most capable and complete platform while serving a total addressable market with very low penetration rates. Short interest is 4.1%. Hedge fund ownership fell marginally last quarter. Tremblant Capital, Atalan, and Cavalry Management notable buyers.

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