Smartsheet (NYSE:SMAR) PT Raised to $56.50 at Barclays

Smartsheet (NYSE:SMAR) had its price objective lifted by analysts at Barclays from $50.00 to $56.50 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential upside of 2.11% from the stock’s previous close.

A number of other research analysts also recently commented on SMAR. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Tuesday. Canaccord Genuity 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 Wednesday. Citigroup lifted their price target on Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Truist Financial restated a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday. Finally, UBS Group lifted their target price on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $56.21.

Smartsheet Trading Down 0.1 %

Shares of NYSE SMAR opened at $55.33 on Wednesday. The stock has a fifty day moving average price of $49.17 and a 200 day moving average price of $43.43. Smartsheet has a 12-month low of $35.52 and a 12-month high of $55.60. The company has a market cap of $7.69 billion, a P/E ratio of -89.24 and a beta of 0.74.

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

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

Insider Activity

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Mark Patrick Mader sold 20,000 shares of the 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 completion of the sale, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The disclosure for this sale can be found here. In the last 90 days, insiders 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in Smartsheet in the 2nd quarter worth about $92,000. Sanctuary Advisors LLC acquired a new position in Smartsheet in the second quarter worth approximately $1,122,000. Quarry LP raised its position in Smartsheet by 541.6% during the second quarter. Quarry LP now owns 7,218 shares of the company’s stock valued at $318,000 after acquiring an additional 6,093 shares in the last quarter. Clearline Capital LP raised its holdings in shares of 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 in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Smartsheet in the second quarter worth about $6,400,000. 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.