DA Davidson Reiterates Neutral Rating for Smartsheet (NYSE:SMAR)

DA Davidson reiterated their neutral rating on shares of Smartsheet (NYSE:SMAR) in a research report report published on Tuesday morning, MarketBeat.com reports. The firm currently has a $56.50 price objective on the stock, up from their prior price objective of $55.00.

Several other research firms have also recently commented on SMAR. Truist Financial increased their target price on Smartsheet from $55.00 to $60.00 and gave the company a buy rating in a research note on Friday, September 6th. Needham & Company LLC reiterated a buy rating and set a $57.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. Wells Fargo & Company reissued an equal weight rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday. UBS Group upped their target price on shares of Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a research note on Thursday, August 29th. Finally, Morgan Stanley lifted their price target on Smartsheet from $55.00 to $57.00 and gave the stock an overweight rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Smartsheet has an average rating of Hold and a consensus price target of $56.21.

Smartsheet Price Performance

Smartsheet stock opened at $55.33 on Tuesday. Smartsheet has a 12-month low of $35.52 and a 12-month high of $55.60. The company has a market capitalization of $7.69 billion, a price-to-earnings ratio of -89.24 and a beta of 0.74. The firm’s fifty day moving average price is $49.17 and its 200 day moving average price is $43.43.

Smartsheet (NYSE:SMAR) last announced 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 for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.23) earnings per share. Analysts forecast that Smartsheet will post -0.05 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the sale, the insider now directly owns 16,567 shares in the company, valued at approximately $714,203.37. The disclosure for this sale can be found here. Insiders have sold 35,157 shares of company stock valued at $1,762,763 over the last three months. Company insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Hedge funds have recently added to or reduced their stakes in the business. Swedbank AB bought a new position in shares of Smartsheet in the first quarter worth $38,388,000. Granahan Investment Management LLC lifted its holdings in Smartsheet by 908.1% in the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock worth $49,767,000 after purchasing an additional 937,483 shares during the period. AQR Capital Management LLC lifted its holdings in Smartsheet by 188.0% in the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after purchasing an additional 881,004 shares during the period. Engaged Capital LLC bought a new position in Smartsheet in the 2nd quarter valued at about $29,600,000. Finally, Marshall Wace LLP increased its stake in Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after buying an additional 533,278 shares during the period. 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.