Smartsheet (NYSE:SMAR) Earns Neutral Rating from Citigroup

Citigroup reissued their neutral rating on shares of Smartsheet (NYSE:SMAR) in a research note issued to investors on Friday morning, MarketBeat reports. The brokerage currently has a $56.50 target price on the stock, down from their previous target price of $63.00.

A number of other equities research analysts have also commented on SMAR. William Blair reaffirmed a market perform rating on shares of Smartsheet in a research report on Wednesday, September 25th. Truist Financial reissued a hold rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Morgan Stanley lifted their target price on Smartsheet from $55.00 to $57.00 and gave the company an overweight rating in a research report on Friday, September 6th. Guggenheim lifted their target price on Smartsheet from $60.00 to $62.00 and gave the company a buy rating in a research report on Friday, September 6th. Finally, Canaccord Genuity Group lowered Smartsheet from a strong-buy rating to a hold rating in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Smartsheet has a consensus rating of Hold and an average price target of $55.82.

Smartsheet Trading Up 0.0 %

NYSE:SMAR opened at $55.34 on Friday. Smartsheet has a 1-year low of $35.52 and a 1-year high of $55.60. The business’s 50-day moving average price is $49.46 and its two-hundred day moving average price is $43.62. The firm has a market capitalization of $7.66 billion, a price-to-earnings ratio of -89.26 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 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 firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same quarter in the prior year, the firm posted ($0.23) earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. Sell-side analysts predict that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has initiated a stock buyback plan on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet 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 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, COO Stephen Robert Branstetter sold 2,004 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the sale, the chief operating officer now owns 61,791 shares in the company, valued at approximately $2,965,968. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’s 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 owns 588,762 shares in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Insiders sold 35,157 shares of company stock valued at $1,762,763 in the last three months. Corporate insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

A number of hedge funds and other institutional investors have recently bought and sold shares of SMAR. International Assets Investment Management LLC bought a new stake in shares of Smartsheet in the 2nd quarter valued at about $25,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet in the 2nd quarter valued at about $31,000. Banque Cantonale Vaudoise bought a new stake in shares of Smartsheet in the 1st quarter valued at about $29,000. First Horizon Advisors Inc. grew its position in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after buying an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new stake in shares of Smartsheet in the 1st quarter valued at about $35,000. Institutional investors own 90.01% of the company’s stock.

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.