Smartsheet (NYSE:SMAR) Rating Reiterated by Needham & Company LLC

Smartsheet (NYSE:SMAR)‘s stock had its “hold” rating restated by analysts at Needham & Company LLC in a report released on Tuesday, Benzinga reports.

Several other equities analysts have also commented on SMAR. Morgan Stanley upped their target price on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Truist Financial raised their target price on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. Finally, UBS Group boosted their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $56.32.

Smartsheet Stock Up 6.5 %

NYSE SMAR traded up $3.37 during mid-day trading on Tuesday, hitting $55.46. The stock had a trading volume of 28,245,416 shares, compared to its average volume of 1,679,152. The company has a 50 day simple moving average of $48.76 and a 200 day simple moving average of $43.25. The company has a market cap of $7.67 billion, a price-to-earnings ratio of -89.45 and a beta of 0.74. Smartsheet has a 52-week low of $35.52 and a 52-week high of $55.56.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.23) earnings per share. As a group, equities analysts anticipate that Smartsheet will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its board has initiated a share repurchase plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the transaction, the chief operating officer now owns 63,795 shares in the company, valued at approximately $2,833,773.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the transaction, the chief operating officer now owns 63,795 shares in the company, valued at approximately $2,833,773.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 sale, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,429 shares of company stock worth $1,952,525. 4.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Smartsheet

Institutional investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Smartsheet in the second quarter worth $92,000. Sanctuary Advisors LLC bought a new position in Smartsheet during the 2nd quarter valued at $1,122,000. Quarry LP grew its holdings in Smartsheet by 541.6% during the 2nd quarter. Quarry LP now owns 7,218 shares of the company’s stock worth $318,000 after acquiring an additional 6,093 shares in the last quarter. Clearline Capital LP increased its position in shares of Smartsheet by 145.5% in the 2nd quarter. Clearline Capital LP now owns 207,906 shares of the company’s stock worth $9,164,000 after purchasing an additional 123,204 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Smartsheet in the 2nd quarter valued at about $6,400,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Company Profile

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.