Canaccord Genuity Group Reiterates Hold Rating for Smartsheet (NYSE:SMAR)

Smartsheet (NYSE:SMAR)‘s stock had its “hold” rating reissued by analysts at Canaccord Genuity Group in a report issued on Wednesday, Benzinga reports. They presently have a $56.50 price target on the stock, down from their previous price target of $60.00. Canaccord Genuity Group’s target price would suggest a potential upside of 1.88% from the stock’s current price.

Other research analysts have also issued research reports about the company. Royal Bank of Canada raised their price objective on Smartsheet from $51.00 to $56.50 and gave the company a “sector perform” rating in a research report on Wednesday. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. William Blair reiterated a “market perform” rating on shares of Smartsheet in a research report on Wednesday. Jefferies Financial Group restated a “hold” rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. Finally, DA Davidson restated a “neutral” rating and set a $56.50 target price (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Smartsheet presently has a consensus rating of “Hold” and an average target price of $56.44.

Smartsheet Stock Up 6.5 %

NYSE:SMAR opened at $55.46 on Wednesday. The stock has a market cap of $7.71 billion, a PE ratio of -89.45 and a beta of 0.74. The business’s 50-day simple moving average is $48.97 and its two-hundred day simple moving average is $43.35. Smartsheet has a 52 week low of $35.52 and a 52 week high of $55.56.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data 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. 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%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.23) earnings per share. Sell-side analysts anticipate that Smartsheet will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its board has initiated a stock repurchase program 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 shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is 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 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 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 at this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Insiders have sold a total of 39,429 shares of company stock valued at $1,952,525 in the last ninety days. 4.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Smartsheet

Hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in Smartsheet in the 2nd quarter valued at approximately $25,000. Banque Cantonale Vaudoise acquired a new stake in Smartsheet in the 1st quarter valued at approximately $29,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the 2nd quarter valued at approximately $31,000. Plato Investment Management Ltd acquired a new stake in Smartsheet in the 1st quarter valued at approximately $35,000. Finally, First Horizon Advisors Inc. increased its holdings in Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during 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.