Smartsheet (NYSE:SMAR) Rating Reiterated by William Blair

Smartsheet (NYSE:SMAR)‘s stock had its “market perform” rating restated by William Blair in a research note issued on Wednesday, Benzinga reports.

A number of other research analysts have also issued reports on SMAR. Truist Financial boosted their target price on Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. BMO Capital Markets upped their price objective on shares of Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday, September 6th. Canaccord Genuity Group lifted their target price on shares of Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. Needham & Company LLC reiterated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday. Finally, Royal Bank of Canada raised their price objective on shares of Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Smartsheet presently has an average rating of “Hold” and an average price target of $56.32.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $55.46 on Wednesday. The stock has a market cap of $7.71 billion, a P/E ratio of -89.45 and a beta of 0.74. Smartsheet has a 1-year low of $35.52 and a 1-year high of $55.56. The firm has a fifty day moving average price of $48.97 and a 200 day moving average price of $43.35.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results 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. The firm had revenue of $276.41 million for 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%. The business’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.23) earnings per share. Sell-side analysts expect that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its Board of Directors has authorized a share repurchase plan on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were 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 directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares of the company’s stock, valued at $714,203.37. The disclosure for this sale can be found here. Insiders sold 39,429 shares of company stock valued at $1,952,525 in the last 90 days. 4.52% of the stock is currently owned by insiders.

Institutional Trading of Smartsheet

Large investors have recently made changes to their positions in the stock. Swedbank AB acquired a new position in Smartsheet in the 1st quarter valued at about $38,388,000. Granahan Investment Management LLC raised its position in shares of Smartsheet by 908.1% in the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after buying an additional 937,483 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after buying an additional 881,004 shares during the period. Engaged Capital LLC acquired a new stake in Smartsheet during the second quarter worth approximately $29,600,000. Finally, Marshall Wace LLP grew its stake in Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after acquiring an additional 533,278 shares during the period. 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.