Smartsheet (NYSE:SMAR) Stock Rating Reaffirmed by JPMorgan Chase & Co.

Smartsheet (NYSE:SMAR)‘s stock had its “neutral” rating reiterated by research analysts at JPMorgan Chase & Co. in a research report issued on Tuesday, Benzinga reports. They currently have a $56.50 price target on the stock, down from their prior price target of $60.00. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 2.05% from the stock’s previous close.

A number of other research firms also recently weighed in on SMAR. Guggenheim upped their price target on Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. 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. Citigroup increased their price objective on Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, September 6th. Truist Financial increased their price objective on Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, BMO Capital Markets increased their price objective on Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $56.47.

Smartsheet Stock Performance

Shares of SMAR opened at $55.37 on Tuesday. The stock has a 50 day simple moving average of $49.17 and a 200 day simple moving average of $43.43. Smartsheet has a 52-week low of $35.52 and a 52-week high of $55.60. The firm has a market capitalization of $7.69 billion, a PE ratio of -89.30 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating 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 business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period in the previous year, the firm earned ($0.23) EPS. Smartsheet’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities research analysts predict that Smartsheet will post -0.05 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 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 have sold 39,429 shares of company stock worth $1,952,525 in the last 90 days. Company insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares in the last quarter. Eminence Capital LP grew its holdings in shares of Smartsheet by 9.2% during the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after purchasing an additional 358,988 shares in the last quarter. Dorsal Capital Management LP grew its holdings in shares of Smartsheet by 4.0% during the 4th quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock worth $154,220,000 after purchasing an additional 125,000 shares in the last quarter. RGM Capital LLC grew its holdings in shares of Smartsheet by 7.6% during the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after purchasing an additional 156,817 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after purchasing an additional 533,278 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

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.