Smartsheet (NYSE:SMAR) Receives “Neutral” Rating from DA Davidson

Smartsheet (NYSE:SMAR)‘s stock had its “neutral” rating reissued by investment analysts at DA Davidson in a note issued to investors on Tuesday, Benzinga reports. They currently have a $56.50 price target on the stock, up from their prior price target of $55.00. DA Davidson’s price target would indicate a potential upside of 1.88% from the company’s current price.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. restated a “neutral” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. Canaccord Genuity Group boosted their price objective on Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group upped their target price on Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Needham & Company LLC reissued a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a report on Friday, September 6th. Finally, Morgan Stanley upped their target price on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Smartsheet currently has an average rating of “Hold” and a consensus price target of $56.32.

Smartsheet Trading Up 6.5 %

Shares of SMAR traded up $3.37 during mid-day trading on Tuesday, hitting $55.46. The company’s stock had a trading volume of 28,244,982 shares, compared to its average volume of 1,679,150. The firm has a 50-day simple moving average of $48.76 and a 200 day simple moving average of $43.25. The firm has a market capitalization of $7.67 billion, a P/E ratio of -89.45 and a beta of 0.74. Smartsheet has a 1-year low of $35.52 and a 1-year high of $55.56.

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

Smartsheet declared that its Board of Directors has approved a stock repurchase plan on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the company’s stock in a transaction on 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 directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Jolene Lau Marshall sold 3,994 shares of the 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 owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,429 shares of company stock valued at $1,952,525. 4.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in Smartsheet during the 2nd quarter valued at approximately $25,000. Banque Cantonale Vaudoise purchased a new position in Smartsheet in the first quarter valued at about $29,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the second quarter worth about $31,000. Plato Investment Management Ltd acquired a new stake in shares of Smartsheet during the first quarter worth about $35,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the period. 90.01% of the stock is 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.