DA Davidson Reaffirms “Neutral” Rating for Smartsheet (NYSE:SMAR)

DA Davidson reiterated their neutral rating on shares of Smartsheet (NYSE:SMAR) in a research note issued to investors on Tuesday, Marketbeat.com reports. DA Davidson currently has a $56.50 target price on the stock, up from their prior target price of $55.00.

Several other research analysts also recently weighed in on the stock. Citigroup boosted their target price on shares of Smartsheet from $55.00 to $63.00 and gave the company a buy rating in a research note on Friday, September 6th. Wells Fargo & Company reissued an equal weight rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Tuesday. Royal Bank of Canada raised their target price on shares of Smartsheet from $43.00 to $51.00 and gave the stock a sector perform rating in a research report on Friday, September 6th. Canaccord Genuity Group lifted their target price on shares of Smartsheet from $52.00 to $60.00 and gave the stock a buy rating in a research note on Friday, September 6th. Finally, Jefferies Financial Group reissued a hold rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Smartsheet has a consensus rating of Hold and a consensus price target of $55.82.

Smartsheet Price Performance

SMAR stock opened at $55.34 on Tuesday. The company’s 50 day simple moving average is $49.32 and its 200-day simple moving average is $43.52. Smartsheet has a 12 month low of $35.52 and a 12 month high of $55.60. The firm has a market capitalization of $7.66 billion, a PE ratio of -89.25 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 EPS 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 for the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the prior year, the firm earned ($0.23) EPS. Smartsheet’s quarterly revenue was up 17.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has initiated a stock repurchase 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 typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction dated 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 directly owns 16,567 shares of the company’s stock, valued at $714,203.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 that occurred 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 completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 sale, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,157 shares of company stock valued at $1,762,763. Company insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

A number of large investors have recently added to or reduced their stakes in SMAR. PNC Financial Services Group Inc. boosted its position in Smartsheet by 3.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after buying an additional 402 shares during the last quarter. UBS Group AG grew its stake in Smartsheet by 59.9% during the 4th quarter. UBS Group AG now owns 181,234 shares of the company’s stock valued at $8,667,000 after purchasing an additional 67,878 shares in the last quarter. Advisory Services Network LLC increased its holdings in Smartsheet by 21.5% during the 4th quarter. Advisory Services Network LLC now owns 6,682 shares of the company’s stock worth $320,000 after purchasing an additional 1,184 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of Smartsheet by 34.0% in the 4th quarter. Artisan Partners Limited Partnership now owns 524,236 shares of the company’s stock valued at $25,069,000 after purchasing an additional 133,153 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its position in shares of Smartsheet by 69.2% in the 4th quarter. Allianz Asset Management GmbH now owns 132,482 shares of the company’s stock valued at $6,335,000 after purchasing an additional 54,164 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

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.