Smartsheet (NYSE:SMAR) Receives Peer Perform Rating from Wolfe Research

Wolfe Research reiterated their peer perform rating on shares of Smartsheet (NYSE:SMAR) in a research note issued to investors on Wednesday morning, MarketBeat reports.

Other analysts have also recently issued research reports about the stock. Canaccord Genuity Group reiterated a hold rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday. Wells Fargo & Company reiterated an equal weight rating and issued a $57.00 price objective on shares of Smartsheet in a report on Tuesday. BMO Capital Markets restated a market perform rating and set a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a report on Wednesday. Guggenheim upped their price target on Smartsheet from $60.00 to $62.00 and gave the company a buy rating in a research note on Friday, September 6th. Finally, Royal Bank of Canada lifted their price objective on shares of Smartsheet from $51.00 to $56.50 and gave the stock a sector perform rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Smartsheet presently has a consensus rating of Hold and an average price target of $55.82.

Smartsheet Stock Up 0.0 %

Shares of SMAR opened at $55.34 on Wednesday. The stock’s fifty day simple moving average is $49.32 and its 200-day simple moving average is $43.52. The firm has a market capitalization of $7.66 billion, a PE ratio of -89.25 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 released its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same period in the prior year, the company posted ($0.23) EPS. The company’s revenue was up 17.3% compared to the same quarter last year. Analysts anticipate that Smartsheet will post -0.05 EPS for the current year.

Smartsheet announced that its Board of Directors has initiated a share buyback plan on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other 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 transaction of $1,035,600.00. Following the completion of the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of 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. In the last quarter, insiders have sold 35,157 shares of company stock worth $1,762,763. Corporate insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

Several hedge funds and other institutional investors have recently made changes to their positions in SMAR. International Assets Investment Management LLC bought a new stake in Smartsheet during the second quarter worth $25,000. Banque Cantonale Vaudoise bought a new stake in shares of Smartsheet in the 1st quarter valued at about $29,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the 2nd quarter valued at about $31,000. Plato Investment Management Ltd acquired a new stake in Smartsheet in the 1st quarter valued at about $35,000. Finally, First Horizon Advisors Inc. grew its holdings in Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the period. 90.01% of the stock is 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.