Smartsheet (NYSE:SMAR) Given “Neutral” Rating at JPMorgan Chase & Co.

Smartsheet (NYSE:SMAR)‘s stock had its “neutral” rating reissued by equities research analysts at JPMorgan Chase & Co. in a note issued to investors on Tuesday, Benzinga reports. They currently have a $56.50 target price on the stock, down from their prior target price of $60.00. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 1.88% from the company’s current price.

Several other research firms have also recently issued reports on SMAR. Morgan Stanley upped their target price on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Royal Bank of Canada raised their target price on shares of Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a report on Friday, September 6th. Barclays boosted their target price on shares of Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. Guggenheim raised their price target on Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Citigroup upped their price objective on Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $56.32.

Smartsheet Price Performance

Smartsheet stock traded up $3.37 during mid-day trading on Tuesday, reaching $55.46. The stock had a trading volume of 28,244,982 shares, compared to its average volume of 1,679,150. The company has a market capitalization of $7.67 billion, a price-to-earnings ratio of -89.45 and a beta of 0.74. Smartsheet has a one year low of $35.52 and a one year high of $55.56. The company has a 50-day moving average price of $48.76 and a two-hundred day moving average price of $43.25.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share 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 company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same quarter last year, the firm earned ($0.23) earnings per share. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, equities research analysts anticipate that Smartsheet will post -0.05 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Smartsheet

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at $3,403,395. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Insiders sold a total of 39,429 shares of company stock valued at $1,952,525 in the last three months. 4.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMAR. Vanguard Group Inc. raised its stake in shares of Smartsheet by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after acquiring an additional 225,390 shares in the last quarter. Eminence Capital LP lifted its position in shares of Smartsheet by 9.2% during the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after buying an additional 358,988 shares during the last quarter. Dorsal Capital Management LP grew its stake in Smartsheet by 4.0% during the 4th quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock worth $154,220,000 after buying an additional 125,000 shares during the last quarter. RGM Capital LLC increased its holdings in shares of Smartsheet by 7.6% during the second quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after acquiring an additional 156,817 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after purchasing an additional 533,278 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.