Smartsheet (NYSE:SMAR) Rating Reiterated by William Blair

Smartsheet (NYSE:SMAR)‘s stock had its “market perform” rating reissued by investment analysts at William Blair in a report released on Wednesday, MarketBeat.com reports.

Several other equities research analysts have also issued reports on the stock. Citigroup lifted their target price on shares of Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Truist Financial upped their target price on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Canaccord Genuity Group raised their price target on Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Guggenheim upped their price objective on Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, DA Davidson reissued a “neutral” rating and set a $56.50 price objective (up from $55.00) on shares of Smartsheet in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, Smartsheet currently has a consensus rating of “Hold” and a consensus price target of $56.21.

Smartsheet Price Performance

NYSE SMAR opened at $55.33 on Wednesday. The company’s 50 day simple moving average is $49.17 and its two-hundred day simple moving average is $43.43. Smartsheet has a 1 year low of $35.52 and a 1 year high of $55.60. The stock has a market capitalization of $7.69 billion, a PE ratio of -89.24 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate 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% compared to the same quarter last year. On average, research analysts anticipate that Smartsheet will post -0.05 EPS for the current year.

Smartsheet declared that its board has authorized a share 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 buy up to 2.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the company’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 owns 588,762 shares in the company, valued at $30,486,096.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,157 shares of company stock valued at $1,762,763. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMAR. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Smartsheet in the second quarter worth $92,000. Sanctuary Advisors LLC bought a new position in Smartsheet in the 2nd quarter worth about $1,122,000. Quarry LP boosted its stake in Smartsheet by 541.6% in the 2nd 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 grew its position in 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 bought a new stake in Smartsheet during the 2nd quarter valued at about $6,400,000. Institutional investors 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.