Smartsheet Inc (NYSE:SMAR) Receives $55.82 Consensus PT from Analysts

Smartsheet Inc (NYSE:SMAR) has been given an average rating of “Hold” by the twenty analysts that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $55.82.

A number of brokerages have commented on SMAR. UBS Group restated a “neutral” rating and set a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. Royal Bank of Canada restated a “sector perform” rating and set a $56.50 target price on shares of Smartsheet in a research report on Thursday, October 24th. Citigroup reiterated a “neutral” rating and issued a $56.50 price target (down from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. Needham & Company LLC reissued a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Finally, DA Davidson restated a “neutral” rating and issued a $56.50 target price (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th.

Insider Transactions at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the transaction, the insider now directly owns 17,100 shares of the company’s stock, valued at approximately $823,878. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the transaction, the insider now directly owns 17,100 shares in the company, valued at approximately $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the firm’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 transaction of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,730 shares of company stock valued at $1,968,866 over the last three months. 4.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMAR. Raleigh Capital Management Inc. bought a new stake in shares of Smartsheet during the third quarter worth approximately $31,000. International Assets Investment Management LLC bought a new stake in Smartsheet in the 2nd quarter valued at $25,000. Waldron Private Wealth LLC acquired a new position in Smartsheet in the 3rd quarter valued at $33,000. Versant Capital Management Inc bought a new position in Smartsheet during the 2nd quarter worth $31,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Smartsheet by 123.2% during the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after buying an additional 398 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Smartsheet Stock Up 0.0 %

SMAR opened at $56.40 on Friday. Smartsheet has a 12-month low of $35.52 and a 12-month high of $56.55. The firm has a market capitalization of $7.84 billion, a P/E ratio of -90.97 and a beta of 0.75. The stock’s 50 day moving average price is $53.14 and its two-hundred day moving average price is $46.30.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period in the prior year, the firm earned ($0.23) EPS. The business’s revenue was up 17.3% on a year-over-year basis. As a group, analysts anticipate that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet announced 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 outstanding shares. This repurchase authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans 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.