Smartsheet’s (SMAR) “Hold” Rating Reaffirmed at Truist Financial

Truist Financial reiterated their hold rating on shares of Smartsheet (NYSE:SMAR) in a report published on Wednesday, Benzinga reports. The brokerage currently has a $56.50 price target on the stock, down from their previous price target of $60.00.

Other analysts have also issued research reports about the company. DA Davidson restated a neutral rating and issued a $56.50 price target (up from $55.00) on shares of Smartsheet in a research report on Tuesday. Barclays raised their target price on shares of Smartsheet from $45.00 to $50.00 and gave the stock an equal weight rating in a report on Friday, September 6th. Guggenheim lifted their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a buy rating in a research note on Friday, September 6th. Royal Bank of Canada increased their price objective on shares of Smartsheet from $51.00 to $56.50 and gave the stock a sector perform rating in a research report on Wednesday. Finally, Morgan Stanley raised their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an overweight rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $56.47.

Smartsheet Stock Down 0.2 %

Smartsheet stock opened at $55.37 on Wednesday. The company’s 50-day moving average price is $49.17 and its 200-day moving average price is $43.43. The company has a market cap of $7.69 billion, a PE ratio of -89.30 and a beta of 0.74. Smartsheet has a twelve month low of $35.52 and a twelve month high of $55.60.

Smartsheet (NYSE:SMAR) last released its quarterly 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 company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same quarter last year, the business posted ($0.23) earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. As a group, sell-side analysts expect that Smartsheet will post -0.05 earnings per share for the current fiscal year.

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

Insider Activity at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were 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 in the company, valued at approximately $30,486,096.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, 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 value of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Insiders sold 39,429 shares of company stock worth $1,952,525 over the last three months. 4.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

Large investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Smartsheet in the 2nd quarter worth approximately $92,000. Sanctuary Advisors LLC purchased a new position in Smartsheet in the second quarter worth $1,122,000. Quarry LP increased its position in shares of Smartsheet by 541.6% during the second quarter. Quarry LP now owns 7,218 shares of the company’s stock worth $318,000 after purchasing an additional 6,093 shares in the last quarter. Clearline Capital LP lifted its holdings in shares of Smartsheet by 145.5% during the 2nd quarter. Clearline Capital LP now owns 207,906 shares of the company’s stock valued at $9,164,000 after purchasing an additional 123,204 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Smartsheet in the 2nd quarter worth $6,400,000. 90.01% of the stock is currently 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.