Smartsheet (NYSE:SMAR) Receives “Peer Perform” Rating from Wolfe Research

Wolfe Research restated their peer perform rating on shares of Smartsheet (NYSE:SMAR) in a report issued on Wednesday morning, MarketBeat Ratings reports.

A number of other equities research analysts have also recently commented on SMAR. UBS Group raised their target price on Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a research report on Thursday, August 29th. Wells Fargo & Company restated an equal weight rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. Citigroup upped their target price on Smartsheet from $55.00 to $63.00 and gave the stock a buy rating in a research note on Friday, September 6th. William Blair reissued a market perform rating on shares of Smartsheet in a research note on Wednesday. Finally, Barclays upped their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the stock an equal weight rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Smartsheet currently has an average rating of Hold and an average target price of $55.82.

Smartsheet Price Performance

SMAR stock opened at $55.34 on Wednesday. Smartsheet has a 12 month low of $35.52 and a 12 month high of $55.60. The firm’s fifty day simple moving average is $49.46 and its 200-day simple moving average is $43.61. The company has a market capitalization of $7.66 billion, a P/E ratio of -89.26 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations 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 revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.23) EPS. As a group, sell-side analysts forecast that Smartsheet will post -0.05 earnings per share for the current year.

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

Insiders Place Their Bets

In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $97,891.00. Following the completion of the sale, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the sale, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The disclosure for this sale can be found here. Insiders have sold 35,157 shares of company stock valued at $1,762,763 over the last ninety days. Company insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several institutional investors and hedge funds have recently bought and sold shares of SMAR. International Assets Investment Management LLC acquired a new position in Smartsheet in the 2nd quarter valued at $25,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the 2nd quarter valued at about $31,000. Banque Cantonale Vaudoise acquired a new stake in Smartsheet in the 1st quarter valued at about $29,000. First Horizon Advisors Inc. grew 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 acquiring an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new position in Smartsheet in the 1st quarter valued at about $35,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.