Smartsheet (NYSE:SMAR) Stock Rating Reaffirmed by William Blair

Smartsheet (NYSE:SMAR)‘s stock had its “market perform” rating restated by investment analysts at William Blair in a research report issued on Wednesday, Marketbeat Ratings reports.

A number of other brokerages have also recently commented on SMAR. Royal Bank of Canada raised their price objective on Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a research note on Friday, September 6th. Jefferies Financial Group reissued a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. Truist Financial upped their price objective on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Needham & Company LLC reiterated a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday. Finally, Citigroup upped their target price on shares of Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Smartsheet presently has an average rating of “Hold” and an average target price of $56.21.

Smartsheet Stock Down 0.1 %

Smartsheet stock opened at $55.33 on Wednesday. The company has a market capitalization of $7.69 billion, a PE ratio of -89.24 and a beta of 0.74. Smartsheet has a 12-month low of $35.52 and a 12-month high of $55.60. The firm’s fifty day moving average is $49.17 and its 200 day moving average is $43.43.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.23) earnings per share. Sell-side analysts expect that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its Board of Directors has initiated a share repurchase 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 generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated 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 approximately $30,486,096.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of the company’s 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 in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Insiders sold 35,157 shares of company stock worth $1,762,763 in the last quarter. 4.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Smartsheet

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Smartsheet by 1.7% in the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares in the last quarter. Eminence Capital LP boosted its holdings in Smartsheet by 9.2% in the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after buying an additional 358,988 shares during the period. Dorsal Capital Management LP grew its stake in Smartsheet by 4.0% in the 4th quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock valued at $154,220,000 after buying an additional 125,000 shares in the last quarter. RGM Capital LLC raised its holdings in Smartsheet by 7.6% during the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after acquiring an additional 156,817 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of Smartsheet by 40.9% in the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after acquiring an additional 533,278 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Smartsheet Company Profile

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.