UBS Group Reaffirms “Neutral” Rating for Smartsheet (NYSE:SMAR)

UBS Group reaffirmed their neutral rating on shares of Smartsheet (NYSE:SMAR) in a research note published on Thursday, MarketBeat reports. The firm currently has a $56.50 price target on the stock, down from their previous price target of $61.00.

Other equities analysts have also recently issued reports about the stock. Needham & Company LLC reaffirmed a hold rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. Wells Fargo & Company reaffirmed an equal weight rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. Wolfe Research reaffirmed a peer perform rating on shares of Smartsheet in a research note on Wednesday, September 25th. Morgan Stanley upped 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. Finally, Guggenheim upped their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a buy 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 MarketBeat, the company has a consensus rating of Hold and an average price target of $55.82.

Smartsheet Stock Performance

Shares of Smartsheet stock opened at $55.34 on Thursday. The company has a market cap of $7.66 billion, a P/E ratio of -89.26 and a beta of 0.74. Smartsheet has a one year low of $35.52 and a one year high of $55.60. The firm has a fifty day moving average of $49.46 and a two-hundred day moving average of $43.64.

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. The company 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%. Smartsheet’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.23) EPS. As a group, equities analysts predict that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has initiated a share buyback plan on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 transaction of $97,891.00. Following the transaction, the chief operating officer now 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 have sold 35,157 shares of company stock worth $1,762,763. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SMAR. Swedbank AB purchased a new position in shares of Smartsheet during the 1st quarter worth about $38,388,000. Granahan Investment Management LLC raised its holdings in Smartsheet by 908.1% in the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after buying an additional 937,483 shares during the period. AQR Capital Management LLC raised its holdings in Smartsheet by 188.0% in the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after buying an additional 881,004 shares during the period. Engaged Capital LLC purchased a new position in Smartsheet in the second quarter valued at approximately $29,600,000. Finally, Marshall Wace LLP raised its holdings in Smartsheet by 40.9% in the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after buying an additional 533,278 shares during the period. 90.01% of the stock is currently 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.