Smartsheet (NYSE:SMAR) Rating Reiterated by Truist Financial

Smartsheet (NYSE:SMAR)‘s stock had its “hold” rating reaffirmed by stock analysts at Truist Financial in a research report issued to clients and investors on Wednesday, Marketbeat reports. They presently have a $56.50 price objective on the stock, down from their prior price objective of $60.00. Truist Financial’s price objective indicates a potential upside of 2.11% from the company’s current price.

A number of other equities research analysts have also commented on SMAR. Wells Fargo & Company restated an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a research report on Tuesday. Guggenheim raised their price objective on Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Morgan Stanley raised their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Royal Bank of Canada raised their price objective on Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a research report on Wednesday. Finally, Needham & Company LLC reiterated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a report on Tuesday. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Smartsheet currently has an average rating of “Hold” and an average price target of $56.21.

Smartsheet Trading Down 0.1 %

Shares of SMAR opened at $55.33 on Wednesday. The business’s 50-day moving average price is $49.17 and its 200 day moving average price is $43.43. The stock has a market capitalization of $7.69 billion, a P/E ratio of -89.24 and a beta of 0.74. Smartsheet has a 1-year low of $35.52 and a 1-year high of $55.60.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data 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 return on equity of 4.29% and a negative net margin of 4.07%. The firm had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the company posted ($0.23) EPS. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, research analysts predict that Smartsheet will post -0.05 earnings per share for the current year.

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

Insider Activity at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction that occurred on Thursday, September 19th. The stock was 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 approximately $30,486,096.36. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,157 shares of company stock valued at $1,762,763. Corporate insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Institutional investors and hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC bought a new stake in shares of Smartsheet during the second quarter valued at approximately $25,000. Banque Cantonale Vaudoise acquired a new stake in Smartsheet in the 1st quarter valued at $29,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the 2nd quarter valued at $31,000. Plato Investment Management Ltd acquired a new stake in Smartsheet in the 1st quarter valued at $35,000. Finally, First Horizon Advisors Inc. boosted its stake in Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after buying an additional 244 shares in the last quarter. 90.01% of the stock is currently owned by 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.