Smartsheet’s (SMAR) Equal Weight Rating Reaffirmed at Wells Fargo & Company

Wells Fargo & Company restated their equal weight rating on shares of Smartsheet (NYSE:SMAR) in a report issued on Tuesday morning, MarketBeat reports. They currently have a $57.00 target price on the stock.

Several other research analysts have also issued reports on SMAR. DA Davidson reiterated a buy rating and set a $55.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. JPMorgan Chase & Co. reiterated a neutral rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. Royal Bank of Canada upped their price objective on shares of Smartsheet from $43.00 to $51.00 and gave the stock a sector perform rating in a research note on Friday, September 6th. Guggenheim lifted their target price on shares of Smartsheet from $60.00 to $62.00 and gave the company a buy rating in a research note on Friday, September 6th. Finally, UBS Group boosted their target price on Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $55.82.

Smartsheet Stock Performance

NYSE:SMAR opened at $55.34 on Tuesday. The company has a 50-day moving average of $49.32 and a 200-day moving average of $43.52. Smartsheet has a 52 week low of $35.52 and a 52 week high of $55.60. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of -89.25 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping 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 firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter last year, the company earned ($0.23) earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. Sell-side analysts forecast that Smartsheet will post -0.05 EPS for the current year.

Smartsheet announced that its Board of Directors has approved a share buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related 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 transaction of $1,035,600.00. Following the completion of the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. The disclosure for this sale can be found here. Insiders sold a total of 35,157 shares of company stock worth $1,762,763 over the last three months. 4.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Smartsheet

Several institutional investors have recently modified their holdings of the stock. Sei Investments Co. boosted its stake in Smartsheet by 20.3% during the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after acquiring an additional 24,823 shares during the last quarter. CWM LLC increased its stake in Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after purchasing an additional 13,621 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in Smartsheet in the first quarter worth $1,512,000. Alberta Investment Management Corp acquired a new stake in Smartsheet in the fourth quarter worth $1,219,000. Finally, Sirios Capital Management L P bought a new position in shares of Smartsheet during the fourth quarter worth $9,947,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.