UBS Group Reiterates “Neutral” Rating for Smartsheet (NYSE:SMAR)

Smartsheet (NYSE:SMAR)‘s stock had its “neutral” rating reiterated by analysts at UBS Group in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $56.50 price objective on the stock, down from their previous price objective of $61.00. UBS Group’s target price would suggest a potential upside of 2.02% from the stock’s current price.

A number of other brokerages have also recently commented on SMAR. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Jefferies Financial Group restated a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a research note on Wednesday. Finally, Guggenheim upped their price objective on Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $56.21.

Smartsheet Price Performance

Smartsheet stock traded up $0.02 during mid-day trading on Thursday, reaching $55.38. 2,958,653 shares of the stock traded hands, compared to its average volume of 1,794,452. The stock has a market capitalization of $7.70 billion, a PE ratio of -89.32 and a beta of 0.74. Smartsheet has a 12-month low of $35.52 and a 12-month high of $55.60. The business’s 50-day moving average is $49.17 and its 200-day moving average is $43.43.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The business 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%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.23) earnings per share. Equities analysts anticipate that Smartsheet will post -0.05 EPS for the current fiscal year.

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

Insider Activity

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction 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 sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the sale, the insider now owns 17,100 shares in the company, valued at $823,878. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,429 shares of company stock worth $1,952,525. Corporate insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. First Horizon Advisors Inc. increased its position 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 in the last quarter. Amalgamated Bank boosted its holdings in Smartsheet by 3.5% in the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock valued at $383,000 after purchasing an additional 294 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in Smartsheet by 24.6% in the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock valued at $70,000 after purchasing an additional 360 shares in the last quarter. Washington Capital Management Inc. boosted its holdings in Smartsheet by 2.1% in the 2nd quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock valued at $872,000 after purchasing an additional 400 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings 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 purchasing 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.