BMO Capital Markets Reaffirms Market Perform Rating for Smartsheet (NYSE:SMAR)

BMO Capital Markets restated their market perform rating on shares of Smartsheet (NYSE:SMAR) in a research note published on Wednesday, Benzinga reports. BMO Capital Markets currently has a $56.50 price objective on the stock, down from their previous price objective of $59.00.

SMAR has been the topic of a number of other reports. DA Davidson restated a neutral rating and set a $56.50 price objective (up from $55.00) on shares of Smartsheet in a research report on Tuesday. Guggenheim upped their target price on shares of Smartsheet from $60.00 to $62.00 and gave the company a buy rating in a research note on Friday, September 6th. Morgan Stanley raised their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an overweight rating in a research note on Friday, September 6th. Citigroup upped their price objective on Smartsheet from $55.00 to $63.00 and gave the company a buy rating in a research note on Friday, September 6th. Finally, Barclays boosted their price target on Smartsheet from $45.00 to $50.00 and gave the company an equal weight rating in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $55.82.

Smartsheet Price Performance

Shares of Smartsheet stock opened at $55.34 on Wednesday. The company has a market cap of $7.66 billion, a PE ratio of -89.25 and a beta of 0.74. The firm has a fifty day moving average price of $49.32 and a two-hundred day moving average price of $43.52. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $55.60.

Smartsheet (NYSE:SMAR) last released its earnings results 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. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter last year, the company earned ($0.23) earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. Analysts expect that Smartsheet will post -0.05 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction dated Monday, September 16th. The stock was 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 $3,403,395. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,157 shares of company stock valued at $1,762,763. 4.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Smartsheet during the second quarter worth about $92,000. Sanctuary Advisors LLC bought a new position in shares of Smartsheet during the second quarter worth about $1,122,000. Quarry LP grew its holdings in shares of Smartsheet by 541.6% during the second quarter. Quarry LP now owns 7,218 shares of the company’s stock worth $318,000 after buying an additional 6,093 shares in the last quarter. Clearline Capital LP grew its holdings in shares of Smartsheet by 145.5% during the second quarter. Clearline Capital LP now owns 207,906 shares of the company’s stock worth $9,164,000 after buying an additional 123,204 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Smartsheet during the second quarter worth about $6,400,000. 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.