Smartsheet (NYSE:SMAR) Rating Lowered to “Neutral” at Guggenheim

Guggenheim cut shares of Smartsheet (NYSE:SMAR) from a buy rating to a neutral rating in a report issued on Monday, Marketbeat Ratings reports.

SMAR has been the topic of a number of other research reports. Truist Financial reissued a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Jefferies Financial Group reissued 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, September 24th. UBS Group reaffirmed a “neutral” rating and set a $56.50 price objective (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. DA Davidson reiterated a “neutral” rating and issued a $56.50 target price (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Citigroup restated a “neutral” rating and set a $56.50 price target (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $55.82.

Smartsheet Stock Performance

Shares of SMAR opened at $55.85 on Monday. The firm has a market cap of $7.76 billion, a PE ratio of -180.16 and a beta of 0.74. The firm’s 50 day moving average price is $54.55 and its 200 day moving average price is $47.60. Smartsheet has a twelve month low of $35.52 and a twelve month high of $56.55.

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

Smartsheet declared that its Board of Directors has approved a stock repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the transaction, the insider now owns 13,529 shares in the company, valued at approximately $684,432.11. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 owns 588,762 shares in the company, valued at $30,486,096.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the sale, the insider now owns 13,529 shares in the company, valued at $684,432.11. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,989 shares of company stock valued at $2,068,874 over the last ninety days. 4.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Smartsheet

Several large investors have recently made changes to their positions in SMAR. SG Americas Securities LLC lifted its holdings in Smartsheet by 250.1% during the 1st quarter. SG Americas Securities LLC now owns 15,630 shares of the company’s stock valued at $602,000 after purchasing an additional 11,166 shares during the last quarter. Swiss National Bank raised its stake in shares of Smartsheet by 1.1% in the first quarter. Swiss National Bank now owns 255,700 shares of the company’s stock valued at $9,844,000 after acquiring an additional 2,700 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after acquiring an additional 24,823 shares in the last quarter. Entropy Technologies LP bought a new stake in Smartsheet during the 1st quarter worth approximately $990,000. Finally, State Board of Administration of Florida Retirement System increased its holdings in Smartsheet by 5.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 128,873 shares of the company’s stock valued at $4,962,000 after purchasing an additional 6,260 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.