Wells Fargo & Company Reiterates Equal Weight Rating for Smartsheet (NYSE:SMAR)

Smartsheet (NYSE:SMAR)‘s stock had its “equal weight” rating reissued by investment analysts at Wells Fargo & Company in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $57.00 price target on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 2.78% from the stock’s current price.

SMAR has been the topic of a number of other research reports. Citigroup upped their price target on Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Royal Bank of Canada lifted their target price on shares of Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a report on Friday, September 6th. DA Davidson reissued a “buy” rating and set a $55.00 price target on shares of Smartsheet in a research report on Friday, September 6th. BMO Capital Markets lifted their price objective on Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday, September 6th. Finally, 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, September 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $56.32.

Smartsheet Stock Performance

Smartsheet stock traded up $3.37 during midday trading on Tuesday, hitting $55.46. 28,244,982 shares of the company’s stock were exchanged, compared to its average volume of 1,679,150. Smartsheet has a 12 month low of $35.52 and a 12 month high of $55.56. The firm has a 50-day moving average of $48.76 and a two-hundred day moving average of $43.25. The company has a market cap of $7.67 billion, a PE ratio of -89.45 and a beta of 0.74.

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

Smartsheet declared that its board has authorized a stock buyback plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes 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.

Insider Buying and Selling

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction dated 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 in the company, valued at $3,403,395. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Smartsheet 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 value of $97,891.00. Following the completion of the sale, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet 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 completion of the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,429 shares of company stock valued at $1,952,525. 4.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Smartsheet

Institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new position in shares of Smartsheet during the 2nd quarter worth approximately $25,000. Banque Cantonale Vaudoise acquired a new stake in shares of Smartsheet in the first quarter valued at about $29,000. Versant Capital Management Inc purchased a new stake in Smartsheet in the 2nd quarter valued at $31,000. Plato Investment Management Ltd purchased a new position in Smartsheet in the first quarter worth approximately $35,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Smartsheet by 37.5% during the 2nd 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.