Smartsheet (NYSE:SMAR) Stock Rating Reaffirmed by Royal Bank of Canada

Smartsheet (NYSE:SMAR)‘s stock had its “sector perform” rating reaffirmed by stock analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $56.50 price objective on the stock. Royal Bank of Canada’s price objective indicates a potential downside of 0.02% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. DA Davidson reiterated a “neutral” rating and issued a $56.50 target price (up from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Citigroup reaffirmed a “neutral” rating and issued a $56.50 price objective (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $55.82.

Smartsheet Trading Up 0.4 %

Smartsheet stock opened at $56.51 on Thursday. The firm has a market capitalization of $7.82 billion, a price-to-earnings ratio of -91.15 and a beta of 0.75. The firm has a 50 day simple moving average of $52.88 and a 200 day simple moving average of $45.95. Smartsheet has a 1-year low of $35.52 and a 1-year high of $56.54.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping 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 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 earned ($0.23) EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. On average, equities research analysts forecast that Smartsheet will post -0.05 EPS for the current year.

Smartsheet announced that its Board of Directors has approved a share buyback plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total transaction of $197,726.27. Following the completion of the transaction, the insider now owns 9,958 shares of the company’s stock, valued at approximately $551,374.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Mark Patrick Mader sold 20,000 shares of the company’s 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 transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. This represents a 0.00 % decrease in their ownership of the stock. 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 stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total transaction of $197,726.27. Following the sale, the insider now owns 9,958 shares in the company, valued at approximately $551,374.46. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,730 shares of company stock valued at $1,968,866 in the last three months. 4.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Smartsheet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Smith Group Asset Management LLC raised its stake in shares of Smartsheet by 14.3% in the third quarter. Smith Group Asset Management LLC now owns 17,170 shares of the company’s stock worth $951,000 after purchasing an additional 2,150 shares during the last quarter. Pallas Capital Advisors LLC increased its holdings in Smartsheet by 53.6% in the 3rd quarter. Pallas Capital Advisors LLC now owns 20,787 shares of the company’s stock worth $1,171,000 after buying an additional 7,255 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Smartsheet by 294.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 28,649 shares of the company’s stock worth $1,586,000 after buying an additional 21,384 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Smartsheet by 5,435.9% during the 3rd quarter. International Assets Investment Management LLC now owns 31,887 shares of the company’s stock valued at $1,765,000 after acquiring an additional 31,311 shares during the period. Finally, Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet during the 3rd quarter valued at about $33,000. 90.01% of the stock is owned by institutional investors.

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.