Smartsheet Inc (NYSE:SMAR) Receives Consensus Rating of “Hold” from Analysts

Smartsheet Inc (NYSE:SMAR) has been given a consensus rating of “Hold” by the twenty analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, sixteen have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $55.82.

Several equities analysts have issued reports on the company. UBS Group reiterated a “neutral” rating and set a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Wells Fargo & Company reiterated an “equal weight” rating and set a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. Morgan Stanley boosted 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. Truist Financial restated a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Barclays upped their price target on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th.

Insider Transactions at Smartsheet

In other news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was 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 owns 588,762 shares in the company, valued at $30,486,096.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the sale, the insider now owns 17,100 shares in the company, valued at $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction 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 completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,734 shares of company stock worth $2,065,058 over the last quarter. 4.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its holdings in Smartsheet by 47.8% in the third quarter. SG Americas Securities LLC now owns 5,364 shares of the company’s stock valued at $297,000 after acquiring an additional 1,735 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Smartsheet in the second quarter valued at about $92,000. Sanctuary Advisors LLC purchased a new position in Smartsheet in the second quarter valued at about $1,122,000. Quarry LP raised its position in Smartsheet by 541.6% in the second quarter. Quarry LP now owns 7,218 shares of the company’s stock valued at $318,000 after purchasing an additional 6,093 shares during the period. Finally, Clearline Capital LP raised its position in Smartsheet by 145.5% in the second 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 during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Up 0.1 %

SMAR opened at $55.53 on Wednesday. The business has a 50 day moving average price of $50.20 and a two-hundred day moving average price of $44.23. The company has a market cap of $7.68 billion, a PE ratio of -89.56 and a beta of 0.75. Smartsheet has a 52 week low of $35.52 and a 52 week high of $55.60.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the previous year, the firm posted ($0.23) EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. As a group, sell-side analysts expect that Smartsheet will post -0.05 EPS for the current fiscal 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 outstanding shares. This buyback authorization allows the company to buy up to 2.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

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.