Smartsheet (NYSE:SMAR) Price Target Raised to $59.00 at BMO Capital Markets

Smartsheet (NYSE:SMAR) had its target price boosted by BMO Capital Markets from $48.00 to $59.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. BMO Capital Markets currently has an outperform rating on the stock.

A number of other brokerages have also issued reports on SMAR. Barclays increased their price target on Smartsheet from $40.00 to $45.00 and gave the company an equal weight rating in a research note on Thursday, June 6th. UBS Group increased their price target on Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a research note on Thursday, August 29th. Needham & Company LLC reaffirmed a buy rating and set a $57.00 price target on shares of Smartsheet in a research note on Thursday, June 6th. Guggenheim reaffirmed a buy rating and set a $56.00 price target on shares of Smartsheet in a research note on Tuesday, June 25th. Finally, Canaccord Genuity Group increased their price target on Smartsheet from $45.00 to $52.00 and gave the company a buy rating in a research note on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Smartsheet presently has a consensus rating of Moderate Buy and a consensus target price of $55.06.

Smartsheet Price Performance

SMAR opened at $52.40 on Friday. Smartsheet has a 12 month low of $35.52 and a 12 month high of $54.28. The stock has a market cap of $7.25 billion, a P/E ratio of -84.52 and a beta of 0.74. The stock’s 50 day moving average price is $47.16 and its 200 day moving average price is $42.59.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.42% and a negative net margin of 4.07%. The firm had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same period last year, the firm earned ($0.23) EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. Equities analysts anticipate that Smartsheet will post -0.21 EPS for the current year.

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

Insider Transactions at Smartsheet

In related news, CFO Pete Godbole sold 7,500 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $43.54, for a total transaction of $326,550.00. Following the transaction, the chief financial officer now directly owns 36,846 shares of the company’s stock, valued at $1,604,274.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Pete Godbole sold 7,500 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $43.54, for a total value of $326,550.00. Following the transaction, the chief financial officer now owns 36,846 shares in the company, valued at approximately $1,604,274.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 4,272 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the transaction, the chief operating officer now owns 63,795 shares in the company, valued at approximately $2,833,773.90. The disclosure for this sale can be found here. Insiders sold a total of 28,755 shares of company stock valued at $1,263,525 over the last quarter. Company insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

A number of large investors have recently made changes to their positions in the business. International Assets Investment Management LLC grew its stake in shares of Smartsheet by 4,386.0% in the 4th quarter. International Assets Investment Management LLC now owns 27,544 shares of the company’s stock valued at $1,317,000 after buying an additional 26,930 shares in the last quarter. Truist Financial Corp bought a new stake in shares of Smartsheet in the 4th quarter valued at approximately $236,000. Victory Capital Management Inc. grew its stake in shares of Smartsheet by 24.7% in the 4th quarter. Victory Capital Management Inc. now owns 17,393 shares of the company’s stock valued at $832,000 after buying an additional 3,444 shares in the last quarter. M&T Bank Corp bought a new stake in shares of Smartsheet in the 4th quarter valued at approximately $204,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Smartsheet by 3.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,201,506 shares of the company’s stock valued at $57,456,000 after buying an additional 41,285 shares in the last quarter. Institutional investors and hedge funds 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.