Smartsheet (NYSE:SMAR) Price Target Raised to $63.00 at Citigroup

Smartsheet (NYSE:SMAR) had its price objective raised by Citigroup from $55.00 to $63.00 in a research note published on Friday, Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other research analysts also recently weighed in on SMAR. UBS Group raised their price target on shares of Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a report on Thursday, August 29th. Wells Fargo & Company raised their target price on Smartsheet from $47.00 to $50.00 and gave the company an overweight rating in a report on Thursday, June 6th. DA Davidson reiterated a buy rating and set a $55.00 price target on shares of Smartsheet in a research note on Friday. Royal Bank of Canada increased their price objective on Smartsheet from $43.00 to $51.00 and gave the company a sector perform rating in a report on Friday. Finally, Needham & Company LLC restated a buy rating and issued a $57.00 target price on shares of Smartsheet in a report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Smartsheet has an average rating of Moderate Buy and an average target price of $55.06.

Smartsheet Price Performance

Shares of SMAR stock opened at $52.40 on Friday. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $54.28. The stock’s 50-day moving average is $47.16 and its two-hundred day moving average is $42.59. The firm has a market cap of $7.25 billion, a P/E ratio of -84.52 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, beating the consensus estimate of $0.29 by $0.15. The business had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. Smartsheet had a negative return on equity of 4.42% and a negative net margin of 4.07%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.23) EPS. As a group, research analysts expect that Smartsheet will post -0.21 EPS for the current year.

Smartsheet declared that its Board of Directors has approved a share buyback plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the transaction, the insider now directly owns 17,100 shares of the company’s stock, valued at approximately $823,878. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the transaction, the insider now directly owns 17,100 shares of the company’s stock, valued at approximately $823,878. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Stephen Robert Branstetter sold 4,272 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the transaction, the chief operating officer now owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The disclosure for this sale can be found here. Insiders have sold a total of 28,755 shares of company stock valued at $1,263,525 over the last three months. 4.52% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

Large investors have recently made changes to their positions in the company. First Horizon Advisors Inc. grew its position in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the last quarter. Amalgamated Bank grew its holdings in shares of Smartsheet by 3.5% during the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after purchasing an additional 294 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Smartsheet by 24.6% in the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock valued at $70,000 after buying an additional 360 shares in the last quarter. Washington Capital Management Inc. raised its holdings in shares of Smartsheet by 2.1% in the second quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock valued at $872,000 after buying an additional 400 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after buying an additional 402 shares in the last quarter. 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.