Guggenheim Downgrades Smartsheet (NYSE:SMAR) to Neutral

Guggenheim cut shares of Smartsheet (NYSE:SMAR) from a buy rating to a neutral rating in a report issued on Monday, Marketbeat.com reports.

SMAR has been the subject of several other research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $56.50 price objective on shares of Smartsheet in a report on Thursday, October 24th. Barclays raised their target price on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. DA Davidson reaffirmed a “neutral” rating and issued a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Truist Financial restated a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $55.82.

Smartsheet Stock Up 0.0 %

SMAR stock opened at $55.87 on Monday. The company has a 50-day simple moving average of $54.72 and a 200 day simple moving average of $47.66. The company has a market capitalization of $7.76 billion, a P/E ratio of -180.23 and a beta of 0.74. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $56.55.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same period last year, the firm posted ($0.23) earnings per share. The business’s revenue was up 17.3% on a year-over-year basis. Equities analysts anticipate that Smartsheet will post -0.05 EPS for the current year.

Smartsheet declared that its board has approved a share repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’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 directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The trade was a 3.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,989 shares of company stock valued at $2,068,874. 4.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

Large investors have recently made changes to their positions in the business. SG Americas Securities LLC raised its position in shares of Smartsheet by 250.1% during the first quarter. SG Americas Securities LLC now owns 15,630 shares of the company’s stock valued at $602,000 after buying an additional 11,166 shares during the last quarter. Swiss National Bank increased its position in shares of Smartsheet by 1.1% during the first quarter. Swiss National Bank now owns 255,700 shares of the company’s stock valued at $9,844,000 after purchasing an additional 2,700 shares during the period. Sei Investments Co. lifted its position in Smartsheet by 20.3% in the first 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 during the period. Entropy Technologies LP bought a new position in Smartsheet in the first quarter worth $990,000. Finally, State Board of Administration of Florida Retirement System boosted its stake in Smartsheet by 5.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 128,873 shares of the company’s stock worth $4,962,000 after buying an additional 6,260 shares in the last quarter. Institutional investors and hedge funds 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.