Analysts Set Smartsheet Inc (NYSE:SMAR) Price Target at $55.82

Shares of Smartsheet Inc (NYSE:SMAR) have earned a consensus recommendation of “Hold” from the twenty brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seventeen have given a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $55.82.

A number of research analysts have recently commented on the company. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Truist Financial reissued a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. DA Davidson restated a “neutral” rating and set a $56.50 target price (up from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Needham & Company LLC reaffirmed a “hold” rating and issued a $57.00 target price on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $56.50 target price (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th.

Smartsheet Price Performance

Shares of Smartsheet stock opened at $56.08 on Thursday. The firm has a market cap of $7.79 billion, a PE ratio of -180.90 and a beta of 0.74. Smartsheet has a 1 year low of $35.52 and a 1 year high of $56.55. The stock has a fifty day moving average price of $55.43 and a 200-day moving average price of $48.70.

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

Smartsheet declared that its board has authorized a stock buyback program on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This represents a 2.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was 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 directly owns 13,529 shares in the company, valued at approximately $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,194 shares of company stock worth $2,248,098. 4.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently made changes to their positions in SMAR. Brooklyn Investment Group bought a new stake in Smartsheet in the third quarter worth $28,000. Raleigh Capital Management Inc. bought a new position in Smartsheet during the 3rd quarter valued at about $31,000. International Assets Investment Management LLC purchased a new stake in Smartsheet in the 2nd quarter worth about $25,000. Waldron Private Wealth LLC bought a new stake in Smartsheet in the third quarter worth about $33,000. Finally, Versant Capital Management Inc purchased a new position in shares of Smartsheet during the second quarter valued at approximately $31,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.