Smartsheet (NYSE:SMAR) Given New $56.50 Price Target at Royal Bank of Canada

Smartsheet (NYSE:SMAR) had its target price boosted by investment analysts at Royal Bank of Canada from $51.00 to $56.50 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 1.88% from the stock’s previous close.

Several other brokerages have also issued reports on SMAR. Wells Fargo & Company restated an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday. JPMorgan Chase & Co. restated a “neutral” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. DA Davidson restated a “neutral” rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday. Jefferies Financial Group restated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. Finally, Truist Financial raised their price target on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $56.44.

Smartsheet Stock Performance

NYSE:SMAR opened at $55.46 on Wednesday. The firm has a market cap of $7.71 billion, a price-to-earnings ratio of -89.45 and a beta of 0.74. Smartsheet has a 52 week low of $35.52 and a 52 week high of $55.56. The firm has a 50-day moving average price of $48.97 and a two-hundred day moving average price of $43.35.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS 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 net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.23) EPS. As a group, sell-side analysts forecast that Smartsheet will post -0.05 earnings per share for the current year.

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

Insider Buying and Selling at Smartsheet

In other news, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction of $189,762.24. Following the completion of the sale, the chief operating officer now directly owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction of $189,762.24. Following the completion of the sale, the chief operating officer now directly owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction 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 sale, 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 a total of 39,429 shares of company stock valued at $1,952,525 in the last three months. Company insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

A number of large investors have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. raised its position in Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the period. Amalgamated Bank raised its position in Smartsheet by 3.5% in the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after purchasing an additional 294 shares during the period. Advisors Asset Management Inc. raised its position in Smartsheet by 24.6% in the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after purchasing an additional 360 shares during the period. Washington Capital Management Inc. raised its position in Smartsheet by 2.1% in the 2nd quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock worth $872,000 after purchasing an additional 400 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in Smartsheet by 3.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after purchasing an additional 402 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.