Smartsheet Inc (NYSE:SMAR) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Smartsheet Inc (NYSE:SMAR) have been given a consensus recommendation of “Moderate Buy” by the seventeen research firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $55.06.

Several equities research analysts recently issued reports on the stock. DA Davidson restated a “buy” rating and set a $55.00 price objective on shares of Smartsheet in a research report on Friday, September 6th. Barclays raised their price objective on Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. Truist Financial upped their target price on Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Royal Bank of Canada lifted their price target on Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a research report on Friday, September 6th. Finally, Morgan Stanley raised their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th.

Insider Activity at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares in the company, valued at $823,878. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the transaction, the insider now directly owns 17,100 shares of the company’s stock, valued at approximately $823,878. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at $2,965,968. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,255 shares of company stock worth $936,975. 4.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Smartsheet

Several institutional investors and hedge funds have recently bought and sold shares of SMAR. International Assets Investment Management LLC bought a new stake in shares of Smartsheet during the 2nd quarter valued at about $25,000. Banque Cantonale Vaudoise bought a new position in Smartsheet during the first quarter valued at about $29,000. Versant Capital Management Inc acquired a new position in Smartsheet during the second quarter worth about $31,000. Plato Investment Management Ltd bought a new stake in Smartsheet in the first quarter worth about $35,000. Finally, First Horizon Advisors Inc. raised its position 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 acquiring an additional 244 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Performance

Shares of SMAR opened at $51.04 on Friday. The stock has a 50 day moving average price of $47.46 and a 200 day moving average price of $42.71. Smartsheet has a one year low of $35.52 and a one year high of $54.28. The stock has a market capitalization of $7.06 billion, a price-to-earnings ratio of -82.32 and a beta of 0.74.

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 analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.42%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.23) earnings per share. On average, analysts predict that Smartsheet will post -0.21 earnings per share for the current year.

Smartsheet announced that its board has initiated a stock repurchase program on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase programs are usually 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.