Smartsheet’s (SMAR) Market Perform Rating Reiterated at BMO Capital Markets

BMO Capital Markets reiterated their market perform rating on shares of Smartsheet (NYSE:SMAR) in a research note released on Wednesday morning, Benzinga reports. BMO Capital Markets currently has a $56.50 target price on the stock, down from their prior target price of $59.00.

Other analysts have also recently issued reports about the company. Barclays lifted their price target on Smartsheet from $45.00 to $50.00 and gave the stock an equal weight rating in a report on Friday, September 6th. Jefferies Financial Group reissued a hold rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Tuesday. Wells Fargo & Company reissued an equal weight rating and set a $57.00 price target on shares of Smartsheet in a report on Tuesday. DA Davidson reissued a neutral rating and set a $56.50 price target (up from $55.00) on shares of Smartsheet in a report on Tuesday. Finally, Guggenheim lifted their price target on Smartsheet from $60.00 to $62.00 and gave the stock a buy rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and an average price target of $55.82.

Smartsheet Stock Up 0.0 %

SMAR stock opened at $55.34 on Wednesday. The business has a 50 day moving average price of $49.32 and a two-hundred day moving average price of $43.52. The company has a market cap of $7.66 billion, a price-to-earnings ratio of -89.25 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 posted its quarterly earnings results 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. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the company earned ($0.23) earnings per share. The business’s revenue was up 17.3% compared to the same quarter last year. On average, equities research analysts anticipate that Smartsheet will post -0.05 EPS for the current fiscal year.

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

Insider Activity

In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction 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 transaction, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the sale, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was 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 approximately $30,486,096.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,157 shares of company stock worth $1,762,763. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. First Horizon Advisors Inc. grew its position in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the last quarter. Amalgamated Bank lifted its holdings in Smartsheet by 3.5% during the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after buying an additional 294 shares during the period. Advisors Asset Management Inc. lifted its holdings in Smartsheet by 24.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after buying an additional 360 shares during the period. Washington Capital Management Inc. lifted its holdings in Smartsheet by 2.1% during the 2nd quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock worth $872,000 after buying an additional 400 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after buying an additional 402 shares during the period. Institutional investors own 90.01% of the company’s stock.

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.