Smartsheet Inc (NYSE:SMAR – Get Free Report) has received an average rating of “Hold” from the twenty analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $55.82.
SMAR has been the subject of several research analyst reports. UBS Group reissued a “neutral” rating and issued a $56.50 price objective (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Barclays boosted their price objective on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Royal Bank of Canada boosted their price objective on Smartsheet from $51.00 to $56.50 and gave the company a “sector perform” rating in a report on Wednesday, September 25th. Finally, DA Davidson reissued a “neutral” rating and issued a $56.50 price objective (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th.
Check Out Our Latest Report on Smartsheet
Insider Buying and Selling
Institutional Investors Weigh In On Smartsheet
A number of institutional investors have recently added to or reduced their stakes in SMAR. Swedbank AB acquired a new stake in Smartsheet in the first quarter worth approximately $38,388,000. Granahan Investment Management LLC lifted its position in shares of Smartsheet by 908.1% during the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after acquiring an additional 937,483 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after acquiring an additional 881,004 shares during the last quarter. Engaged Capital LLC acquired a new stake in shares of Smartsheet during the 2nd quarter valued at $29,600,000. Finally, Marshall Wace LLP lifted its position in shares of Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after acquiring an additional 533,278 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.
Smartsheet Stock Performance
NYSE:SMAR opened at $55.35 on Wednesday. Smartsheet has a one year low of $35.52 and a one year high of $55.60. The business’s 50-day simple moving average is $49.73 and its 200 day simple moving average is $43.87. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of -89.27 and a beta of 0.74.
Smartsheet (NYSE:SMAR – Get Free Report) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company earned ($0.23) earnings per share. On average, equities research analysts predict that Smartsheet will post -0.05 EPS for the current year.
Smartsheet declared that its Board of Directors has initiated a share repurchase program on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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.
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