Smartsheet (NYSE:SMAR) Board of Directors Declares Stock Buyback Plan

Smartsheet (NYSE:SMAR) declared that its board has initiated a share repurchase plan on Thursday, September 5th, RTT News reports. The company plans to buyback $150.00 million in shares. This buyback authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SMAR. DA Davidson reissued a “buy” rating and issued a $55.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. Barclays increased their price target on Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, September 6th. Wells Fargo & Company upped their target price on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, June 6th. Truist Financial increased their target price on shares of Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Canaccord Genuity Group upped their price objective on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.06.

Smartsheet Trading Down 0.3 %

Shares of SMAR stock traded down $0.17 on Wednesday, hitting $51.04. 958,332 shares of the stock were exchanged, compared to its average volume of 1,487,340. The firm’s 50 day moving average is $47.30 and its two-hundred day moving average is $42.65. Smartsheet has a one year low of $35.52 and a one year high of $54.28. The firm has a market capitalization of $7.06 billion, a PE ratio of -82.32 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.42%. The firm had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same quarter last year, the business earned ($0.23) earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts expect that Smartsheet will post -0.21 earnings per share for the current year.

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the sale, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Stephen Robert Branstetter sold 4,272 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $44.42, for a total transaction of $189,762.24. Following the completion of the transaction, the chief operating officer now directly owns 63,795 shares in the company, valued at $2,833,773.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares in the company, valued at approximately $714,203.37. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,755 shares of company stock worth $1,263,525. Corporate insiders own 4.52% of the company’s stock.

About Smartsheet

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.