BMO Capital Markets Reaffirms Market Perform Rating for Smartsheet (NYSE:SMAR)

BMO Capital Markets reiterated their market perform rating on shares of Smartsheet (NYSE:SMAR) in a report issued on Wednesday morning, Benzinga reports. They currently have a $56.50 price objective on the stock, down from their prior price objective of $59.00.

A number of other analysts have also recently commented on the company. UBS Group upped their price target on Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a research report on Thursday, August 29th. 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, September 24th. Citigroup raised their target price on shares of Smartsheet from $55.00 to $63.00 and gave the stock a buy rating in a research note on Friday, September 6th. Barclays lifted their price target on shares of Smartsheet from $45.00 to $50.00 and gave the company an equal weight rating in a report on Friday, September 6th. Finally, Canaccord Genuity Group reissued a hold rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Wednesday. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $55.82.

Smartsheet Trading Up 0.0 %

SMAR opened at $55.34 on Wednesday. The company’s 50 day moving average is $49.46 and its 200 day moving average is $43.61. The company has a market cap of $7.66 billion, a price-to-earnings ratio of -89.26 and a beta of 0.74. Smartsheet has a 12-month low of $35.52 and a 12-month high of $55.60.

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

Smartsheet announced that its board has approved a share repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s 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 sale, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction dated 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 $3,403,395. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’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 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. In the last ninety days, insiders sold 35,157 shares of company stock worth $1,762,763. 4.52% of the stock is currently owned by insiders.

Institutional Trading of Smartsheet

A number of institutional investors have recently bought and sold shares of SMAR. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Smartsheet in the 2nd quarter worth about $92,000. Sanctuary Advisors LLC purchased a new stake in shares of Smartsheet in the second quarter worth approximately $1,122,000. Quarry LP raised its holdings in shares of Smartsheet by 541.6% in the second quarter. Quarry LP now owns 7,218 shares of the company’s stock worth $318,000 after buying an additional 6,093 shares during the period. Clearline Capital LP lifted its stake in shares of Smartsheet by 145.5% during the 2nd quarter. Clearline Capital LP now owns 207,906 shares of the company’s stock worth $9,164,000 after acquiring an additional 123,204 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Smartsheet during the 2nd quarter valued at $6,400,000. 90.01% of the stock is currently owned by institutional investors.

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.