Smartsheet (NYSE:SMAR) Price Target Raised to $56.50 at Royal Bank of Canada

Smartsheet (NYSE:SMAR) had its price objective increased by Royal Bank of Canada from $51.00 to $56.50 in a research report released on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the stock.

SMAR has been the subject of several other research reports. UBS Group upped their price objective on Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a report on Thursday, August 29th. Morgan Stanley raised their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an overweight rating in a research report on Friday, September 6th. JPMorgan Chase & Co. reiterated a neutral rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday. William Blair reissued a market perform rating on shares of Smartsheet in a research note on Wednesday. Finally, Needham & Company LLC restated a hold rating and issued a $57.00 price target on shares of Smartsheet in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Smartsheet currently has a consensus rating of Hold and a consensus target price of $56.47.

Smartsheet Stock Down 0.2 %

Shares of SMAR opened at $55.37 on Wednesday. The firm has a market capitalization of $7.69 billion, a PE ratio of -89.30 and a beta of 0.74. The firm has a 50-day moving average price of $49.17 and a 200 day moving average price of $43.43. Smartsheet has a 52-week low of $35.52 and a 52-week high of $55.60.

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. On average, equities analysts expect that Smartsheet will post -0.05 EPS for the current year.

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

Insider Buying and Selling at Smartsheet

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were 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 directly owns 64,215 shares in the company, valued at $3,403,395. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction dated 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 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. 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 90 days. 4.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Smartsheet

Several large investors have recently added to or reduced their stakes in the business. Sei Investments Co. lifted its position in shares of 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 buying an additional 24,823 shares during the last quarter. CWM LLC boosted its holdings in shares of Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares during the period. Capstone Investment Advisors LLC acquired a new position in Smartsheet in the 1st quarter valued at $1,512,000. Alberta Investment Management Corp acquired a new position in Smartsheet in the 4th quarter valued at $1,219,000. Finally, Sirios Capital Management L P bought a new position in Smartsheet in the 4th quarter worth $9,947,000. 90.01% of the stock is owned by institutional investors.

Smartsheet Company Profile

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.