Smartsheet (NYSE:SMAR) PT Raised to $56.50 at Barclays

Smartsheet (NYSE:SMAR) had its price objective hoisted by equities research analysts at Barclays from $50.00 to $56.50 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 1.86% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Morgan Stanley lifted their price objective on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. UBS Group upped their price target on Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Needham & Company LLC reissued a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday. Royal Bank of Canada upped their target price on shares of Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a report on Wednesday. Finally, Canaccord Genuity Group reissued a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Wednesday. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $56.47.

Smartsheet Stock Up 0.0 %

Shares of SMAR stock traded up $0.01 during mid-day trading on Wednesday, reaching $55.47. The stock had a trading volume of 9,310,018 shares, compared to its average volume of 1,720,424. Smartsheet has a one year low of $35.52 and a one year high of $55.59. The firm has a market cap of $7.71 billion, a PE ratio of -89.47 and a beta of 0.74. The firm’s 50 day simple moving average is $48.97 and its 200 day simple moving average is $43.35.

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

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

Insider Transactions at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Stephen Robert Branstetter sold 4,272 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the sale, the chief operating officer now directly owns 63,795 shares of the company’s stock, valued at $2,833,773.90. The disclosure for this sale can be found here. Insiders sold a total of 39,429 shares of company stock worth $1,952,525 in the last quarter. 4.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Smartsheet

Hedge funds have recently modified their holdings of the business. First Horizon Advisors Inc. grew its position in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during the period. Amalgamated Bank boosted its holdings in shares of Smartsheet by 3.5% in the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock valued at $383,000 after buying an additional 294 shares during the period. Advisors Asset Management Inc. increased its position in shares of Smartsheet by 24.6% during the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after acquiring an additional 360 shares in the last quarter. Washington Capital Management Inc. raised its holdings in shares of Smartsheet by 2.1% during the second quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock worth $872,000 after acquiring an additional 400 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in Smartsheet by 3.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after acquiring an additional 402 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.