Smartsheet (NYSE:SMAR) Downgraded by BMO Capital Markets to “Hold”

Smartsheet (NYSE:SMAR) was downgraded by investment analysts at BMO Capital Markets from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

A number of other research firms also recently weighed in on SMAR. Citigroup raised their price target on shares of Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. UBS Group upped their target price on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Tuesday. Finally, DA Davidson restated a “neutral” rating and set a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $56.47.

Smartsheet Trading Down 0.2 %

NYSE SMAR opened at $55.37 on Tuesday. The company’s fifty day simple moving average is $49.17 and its 200-day simple moving average is $43.43. The stock has a market cap of $7.69 billion, a P/E ratio of -89.30 and a beta of 0.74. Smartsheet has a 52 week low of $35.52 and a 52 week high of $55.60.

Smartsheet (NYSE:SMAR) last announced its earnings results 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. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the firm earned ($0.23) earnings per share. The company’s revenue was up 17.3% on a year-over-year basis. On average, research analysts expect that Smartsheet will post -0.05 EPS for the current fiscal year.

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

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $30,486,096.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction 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. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,429 shares of company stock valued at $1,952,525. Corporate insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently modified their holdings of SMAR. Sei Investments Co. increased its stake in 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 purchasing an additional 24,823 shares in the last quarter. CWM LLC raised its holdings in shares of Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after acquiring an additional 13,621 shares during the period. Capstone Investment Advisors LLC purchased a new stake in shares of Smartsheet in the 1st quarter valued at approximately $1,512,000. Alberta Investment Management Corp acquired a new position in Smartsheet in the 4th quarter worth approximately $1,219,000. Finally, Sirios Capital Management L P purchased a new position in Smartsheet during the 4th quarter worth approximately $9,947,000. 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.