Smartsheet Inc (NYSE:SMAR) Given Average Rating of “Hold” by Analysts

Smartsheet Inc (NYSE:SMAR) has received an average rating of “Hold” from the twenty analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $55.82.

SMAR has been the subject of several research analyst reports. UBS Group reissued a “neutral” rating and issued a $56.50 price objective (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Barclays boosted their price objective on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Royal Bank of Canada boosted their price objective on Smartsheet from $51.00 to $56.50 and gave the company a “sector perform” rating in a report on Wednesday, September 25th. Finally, DA Davidson reissued a “neutral” rating and issued a $56.50 price objective (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th.

Insider Buying and Selling

In related news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, 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 accessible through this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the company’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 value of $1,035,600.00. Following the completion of the sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The disclosure for this sale can be found here. Insiders sold 35,157 shares of company stock valued at $1,762,763 in the last three months. 4.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors have recently added to or reduced their stakes in SMAR. Swedbank AB acquired a new stake in Smartsheet in the first quarter worth approximately $38,388,000. Granahan Investment Management LLC lifted its position in shares of Smartsheet by 908.1% during the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after acquiring an additional 937,483 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after acquiring an additional 881,004 shares during the last quarter. Engaged Capital LLC acquired a new stake in shares of Smartsheet during the 2nd quarter valued at $29,600,000. Finally, Marshall Wace LLP lifted its position in shares of Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after acquiring an additional 533,278 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Smartsheet Stock Performance

NYSE:SMAR opened at $55.35 on Wednesday. Smartsheet has a one year low of $35.52 and a one year high of $55.60. The business’s 50-day simple moving average is $49.73 and its 200 day simple moving average is $43.87. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of -89.27 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data 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. The firm had revenue of $276.41 million during 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%. Smartsheet’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.23) earnings per share. On average, equities research analysts predict that Smartsheet will post -0.05 EPS for the current year.

Smartsheet declared that its Board of Directors has initiated a share repurchase program on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.