Smartsheet (NYSE:SMAR) Stock Rating Reaffirmed by Wolfe Research

Smartsheet (NYSE:SMAR)‘s stock had its “peer perform” rating restated by analysts at Wolfe Research in a research note issued to investors on Wednesday, Benzinga reports.

SMAR has been the topic of a number of other research reports. UBS Group boosted their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Morgan Stanley boosted their price target on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. JPMorgan Chase & Co. restated 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. DA Davidson restated a “neutral” rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Smartsheet currently has an average rating of “Hold” and an average price target of $56.47.

Smartsheet Stock Down 0.1 %

NYSE:SMAR traded down $0.08 during trading hours on Wednesday, reaching $55.38. 15,333,498 shares of the stock were exchanged, compared to its average volume of 1,752,984. The business has a 50-day moving average of $48.97 and a two-hundred day moving average of $43.35. Smartsheet has a twelve month low of $35.52 and a twelve month high of $55.59. The company has a market capitalization of $7.70 billion, a price-to-earnings ratio of -89.32 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its earnings results 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 firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same quarter in the prior year, the company posted ($0.23) earnings per share. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, research analysts forecast that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has approved a share repurchase 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 often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 63,795 shares in the company, valued at $2,833,773.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction on Thursday, September 19th. The shares were 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 of the company’s stock, valued at $30,486,096.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 4,272 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the sale, the chief operating officer now directly owns 63,795 shares in the company, valued at approximately $2,833,773.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,429 shares of company stock worth $1,952,525. 4.52% of the stock is owned by corporate insiders.

Institutional Trading of Smartsheet

Institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC purchased a new stake in Smartsheet during the second quarter worth $25,000. Banque Cantonale Vaudoise purchased a new stake in Smartsheet in the first quarter valued at approximately $29,000. Versant Capital Management Inc purchased a new stake in shares of Smartsheet during the second quarter worth $31,000. Plato Investment Management Ltd acquired a new position in shares of Smartsheet during the first quarter worth $35,000. Finally, First Horizon Advisors Inc. boosted its stake in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares in the last quarter. Institutional investors 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.