Smartsheet (NYSE:SMAR) Rating Reiterated by Needham & Company LLC

Smartsheet (NYSE:SMAR)‘s stock had its “hold” rating restated by equities research analysts at Needham & Company LLC in a research report issued on Tuesday, Benzinga reports. They presently have a $57.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 2.95% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Truist Financial lifted their target price on Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Jefferies Financial Group reissued a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday. Citigroup boosted their price target on Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $56.47.

Smartsheet Price Performance

Shares of SMAR stock opened at $55.37 on Tuesday. Smartsheet has a one year low of $35.52 and a one year high of $55.60. The business’s 50 day simple moving average is $49.17 and its 200 day simple moving average is $43.43. The stock has a market capitalization of $7.69 billion, a PE ratio of -89.30 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the prior year, the firm posted ($0.23) earnings per share. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, research analysts expect that Smartsheet will post -0.05 earnings per share for the current year.

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

Insider Activity at Smartsheet

In related news, COO Stephen Robert Branstetter sold 4,272 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the sale, the chief operating officer now directly owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction 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 owns 588,762 shares in the company, valued at approximately $30,486,096.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 4,272 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the transaction, the chief operating officer now owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The disclosure for this sale can be found here. In the last three months, insiders sold 39,429 shares of company stock valued at $1,952,525. 4.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SMAR. International Assets Investment Management LLC bought a new position in Smartsheet in the 2nd quarter valued at $25,000. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet during the 1st quarter worth $29,000. Versant Capital Management Inc bought a new position in shares of Smartsheet during the 2nd quarter worth $31,000. Plato Investment Management Ltd bought a new position in shares of Smartsheet during the 1st quarter worth $35,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the period. Institutional investors own 90.01% of the company’s stock.

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.