Smartsheet (NYSE:SMAR) Stock Rating Reaffirmed by UBS Group

Smartsheet (NYSE:SMAR)‘s stock had its “neutral” rating reissued by analysts at UBS Group in a research report issued to clients and investors on Thursday, Marketbeat.com reports. They presently have a $56.50 target price on the stock, down from their previous target price of $61.00. UBS Group’s price objective indicates a potential upside of 2.11% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Citigroup lifted their price target on shares of Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Royal Bank of Canada increased their price target on shares of Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a report on Wednesday. DA Davidson reiterated a “neutral” rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday. Needham & Company LLC reiterated a “hold” rating and set a $57.00 target price on shares of Smartsheet in a research report on Tuesday. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Smartsheet presently has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Price Performance

SMAR opened at $55.34 on Thursday. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $55.60. The company’s 50-day moving average is $49.32 and its 200 day moving average is $43.52. The firm has a market capitalization of $7.66 billion, a P/E ratio of -89.25 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly 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 company 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 business posted ($0.23) earnings per share. Smartsheet’s revenue was up 17.3% on a year-over-year basis. On average, equities research analysts expect that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has initiated a stock buyback 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 shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet 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 sale, the insider now owns 16,567 shares in the company, valued at $714,203.37. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated 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 through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction that occurred on 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 directly owns 588,762 shares in the company, valued at $30,486,096.36. The disclosure for this sale can be found here. Insiders sold a total of 35,157 shares of company stock worth $1,762,763 over the last quarter. 4.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

A number of institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in shares of Smartsheet during the 2nd quarter valued at $25,000. Versant Capital Management Inc purchased a new position in Smartsheet during the 2nd quarter valued at about $31,000. Banque Cantonale Vaudoise purchased a new position in Smartsheet during the 1st quarter valued at about $29,000. First Horizon Advisors Inc. grew its holdings in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the period. Finally, Plato Investment Management Ltd bought a new position in shares of Smartsheet during the first quarter valued at approximately $35,000. 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.