Smartsheet (NYSE:SMAR) Receives Equal Weight Rating from Wells Fargo & Company

Wells Fargo & Company reissued their equal weight rating on shares of Smartsheet (NYSE:SMAR) in a research report sent to investors on Tuesday, MarketBeat Ratings reports. They currently have a $57.00 target price on the stock.

Several other equities research analysts have also recently commented on SMAR. Truist Financial boosted 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. Needham & Company LLC restated a buy rating and issued a $57.00 price objective on shares of Smartsheet in a report on Friday, September 6th. Jefferies Financial Group reaffirmed a hold rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. Canaccord Genuity Group boosted their price target on shares of Smartsheet from $52.00 to $60.00 and gave the stock a buy rating in a research report on Friday, September 6th. Finally, BMO Capital Markets raised their price objective on shares of Smartsheet from $48.00 to $59.00 and gave the company an outperform rating in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $55.82.

Smartsheet Stock Performance

NYSE:SMAR opened at $55.34 on Tuesday. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of -89.25 and a beta of 0.74. Smartsheet has a 1 year low of $35.52 and a 1 year high of $55.60. The business has a fifty day moving average of $49.32 and a 200-day moving average of $43.52.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (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 firm had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same quarter in the prior year, the firm posted ($0.23) EPS. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. On average, equities research analysts predict that Smartsheet will post -0.05 EPS for the current year.

Smartsheet declared that its board has authorized a stock 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 repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the sale, the chief operating officer now owns 61,791 shares of the company’s stock, valued at $2,965,968. The disclosure for this sale can be found here. Insiders have sold a total of 35,157 shares of company stock valued at $1,762,763 in the last three months. 4.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SMAR. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet during the second quarter worth $25,000. Banque Cantonale Vaudoise acquired a new stake in Smartsheet in the 1st quarter worth approximately $29,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet during the 2nd quarter worth $31,000. Plato Investment Management Ltd bought a new stake in Smartsheet during the first quarter valued at about $35,000. Finally, First Horizon Advisors Inc. boosted its stake in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during the period. Institutional investors and hedge funds 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.