Brokerages Set Smartsheet Inc (NYSE:SMAR) Target Price at $55.82

Shares of Smartsheet Inc (NYSE:SMAR) have been assigned a consensus rating of “Hold” from the twenty ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seventeen have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $55.82.

Several research analysts have commented on the stock. BMO Capital Markets reiterated a “market perform” rating and issued a $56.50 target price (down from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. Truist Financial reaffirmed a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Wells Fargo & Company reissued an “equal weight” rating and set a $57.00 target price on shares of Smartsheet in a research note on Tuesday, September 24th. Guggenheim cut Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC reissued a “hold” rating and set a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th.

Smartsheet Stock Up 0.5 %

Shares of SMAR opened at $56.15 on Thursday. Smartsheet has a 52-week low of $35.52 and a 52-week high of $56.55. The firm has a market capitalization of $7.80 billion, a PE ratio of -181.12 and a beta of 0.74. The firm has a 50-day moving average price of $55.36 and a 200 day moving average price of $48.51.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results 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 return on equity of 4.29% and a negative net margin of 4.07%. The company had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same period last year, the firm earned ($0.23) EPS. The firm’s revenue for the quarter 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 authorized a stock repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. This represents a 2.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the completion of the transaction, the chief executive officer now directly owns 578,762 shares of the company’s stock, valued at approximately $32,439,610.10. This represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,194 shares of company stock worth $2,248,098 in the last 90 days. 4.52% of the stock is owned by company insiders.

Institutional Trading of Smartsheet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMAR. Virtu Financial LLC acquired a new position in shares of Smartsheet in the 3rd quarter valued at $695,000. Geode Capital Management LLC lifted its stake in Smartsheet by 2.4% in the third quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company’s stock valued at $123,545,000 after buying an additional 52,293 shares during the period. Vestcor Inc bought a new position in Smartsheet during the third quarter worth about $3,928,000. Barclays PLC grew its position in shares of Smartsheet by 197.3% during the 3rd quarter. Barclays PLC now owns 537,408 shares of the company’s stock worth $29,749,000 after buying an additional 356,624 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of Smartsheet by 71.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 83,060 shares of the company’s stock worth $4,598,000 after buying an additional 34,723 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.