Barclays Increases Smartsheet (NYSE:SMAR) Price Target to $56.50

Smartsheet (NYSE:SMAR) had its target price hoisted by Barclays from $50.00 to $56.50 in a report released on Wednesday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

SMAR has been the topic of several other reports. Truist Financial reaffirmed a hold rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Wednesday. Needham & Company LLC restated a hold rating and issued a $57.00 target price on shares of Smartsheet in a research note on Tuesday, September 24th. William Blair reiterated a market perform rating on shares of Smartsheet in a research report on Wednesday. Citigroup boosted their price target on Smartsheet from $55.00 to $63.00 and gave the company a buy rating in a report on Friday, September 6th. Finally, Royal Bank of Canada raised 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 investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $55.82.

Smartsheet Stock Up 0.0 %

SMAR stock opened at $55.34 on Wednesday. The stock has a market capitalization of $7.66 billion, a PE ratio of -89.26 and a beta of 0.74. Smartsheet has a 52 week low of $35.52 and a 52 week high of $55.60. The firm has a 50 day moving average of $49.46 and a 200 day moving average of $43.61.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate 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 business had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, equities research analysts expect that Smartsheet will post -0.05 earnings per share 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 shares. This repurchase authorization permits the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet 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 sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Smartsheet news, 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 transaction of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,157 shares of company stock worth $1,762,763. Insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SMAR. Sei Investments Co. boosted its stake in shares of Smartsheet by 20.3% in the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after purchasing an additional 24,823 shares during the period. CWM LLC grew its stake in shares of Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after acquiring an additional 13,621 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in shares of Smartsheet during the first quarter worth $1,512,000. Alberta Investment Management Corp purchased a new stake in shares of Smartsheet during the fourth quarter worth $1,219,000. Finally, Sirios Capital Management L P acquired a new stake in shares of Smartsheet in the fourth quarter valued at $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.