Smartsheet (NYSE:SMAR) Rating Reiterated by Wolfe Research

Smartsheet (NYSE:SMAR)‘s stock had its “peer perform” rating restated by investment analysts at Wolfe Research in a note issued to investors on Wednesday, Benzinga reports.

SMAR has been the topic of several other reports. Barclays increased their price target on Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a report on Wednesday. Truist Financial reissued a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Wednesday. Morgan Stanley raised their target price on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $56.21.

Smartsheet Price Performance

SMAR opened at $55.33 on Wednesday. The firm has a market cap of $7.69 billion, a PE ratio of -89.24 and a beta of 0.74. The stock has a 50-day moving average price of $49.17 and a 200-day moving average price of $43.43. Smartsheet has a 1 year low of $35.52 and a 1 year high of $55.60.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.23) earnings per share. As a group, sell-side analysts anticipate that Smartsheet will post -0.05 EPS for the current year.

Smartsheet announced that its Board of Directors has initiated 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 reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were 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 directly owns 16,567 shares of the company’s stock, valued at $714,203.37. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Insiders have sold a total of 35,157 shares of company stock worth $1,762,763 over the last quarter. Insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

Institutional investors and hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new position in Smartsheet during the 2nd quarter valued at about $25,000. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet during the first quarter valued at approximately $29,000. Versant Capital Management Inc purchased a new stake in shares of Smartsheet in the second quarter worth approximately $31,000. Plato Investment Management Ltd bought a new stake in shares of Smartsheet during the 1st quarter worth approximately $35,000. Finally, First Horizon Advisors Inc. boosted its holdings in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares during the period. Hedge funds and other 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.