Smartsheet’s (SMAR) “Neutral” Rating Reiterated at DA Davidson

Smartsheet (NYSE:SMAR)‘s stock had its “neutral” rating reissued by DA Davidson in a research note issued on Tuesday, Benzinga reports. They presently have a $56.50 price objective on the stock, up from their prior price objective of $55.00. DA Davidson’s price target indicates a potential upside of 2.05% from the stock’s previous close.

Several other research firms also recently weighed in on SMAR. Barclays lifted their target price on shares of Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Friday, September 6th. Royal Bank of Canada raised their price objective on shares of Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a research report on Friday, September 6th. Needham & Company LLC restated a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Friday, September 6th. Morgan Stanley raised their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, UBS Group lifted their target price on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $56.47.

Smartsheet Stock Down 0.2 %

SMAR opened at $55.37 on Tuesday. The company has a market capitalization of $7.69 billion, a price-to-earnings ratio of -89.30 and a beta of 0.74. The firm has a 50-day moving average price of $49.17 and a 200-day moving average price of $43.43. Smartsheet has a twelve month low of $35.52 and a twelve month high of $55.60.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.23) earnings per share. On average, sell-side analysts expect that Smartsheet will post -0.05 earnings per share for the current fiscal year.

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

Insider Transactions at Smartsheet

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction that occurred on 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 sale, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the transaction, 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 this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction 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 $3,403,395. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,429 shares of company stock worth $1,952,525. 4.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SMAR. Swedbank AB purchased a new position in Smartsheet during the 1st quarter valued at $38,388,000. Granahan Investment Management LLC increased its position in Smartsheet by 908.1% during the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after purchasing an additional 937,483 shares during the period. AQR Capital Management LLC increased its position in Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after purchasing an additional 881,004 shares during the period. Engaged Capital LLC purchased a new position in Smartsheet during the 2nd quarter valued at $29,600,000. Finally, Marshall Wace LLP increased its position in Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after purchasing an additional 533,278 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.