Smartsheet (NYSE:SMAR) Initiates Share Buyback Plan

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

Smartsheet Price Performance

Shares of SMAR opened at $52.40 on Tuesday. The firm has a 50-day moving average of $47.16 and a 200-day moving average of $42.59. The company has a market cap of $7.25 billion, a PE ratio of -84.52 and a beta of 0.74. Smartsheet has a one year low of $35.52 and a one year high of $54.28.

Smartsheet (NYSE:SMAR) last announced its quarterly 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 return on equity of 4.42% and a negative net margin of 4.07%. The firm had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. The business’s revenue was up 17.3% compared to the same quarter last year. Analysts expect that Smartsheet will post -0.21 earnings per share for the current year.

Analyst Ratings Changes

SMAR has been the topic of several analyst reports. Truist Financial increased their target price on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. Morgan Stanley raised their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday. BMO Capital Markets boosted their target price on Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday. Barclays increased their price target on Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Canaccord Genuity Group lifted their price objective on Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Smartsheet has a consensus rating of “Moderate Buy” and an average target price of $55.06.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were 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 of the company’s stock, valued at $823,878. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Stephen Robert Branstetter sold 4,272 shares of the firm’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 transaction, the chief operating officer now directly owns 63,795 shares in the company, valued at $2,833,773.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,755 shares of company stock worth $1,263,525. 4.52% of the stock is owned by insiders.

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.