Smartsheet (NYSE:SMAR) Rating Reiterated by Canaccord Genuity Group

Canaccord Genuity Group reissued their hold rating on shares of Smartsheet (NYSE:SMAR) in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a $56.50 target price on the stock, down from their prior target price of $60.00.

A number of other analysts also recently commented on the company. UBS Group upped their target price on Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a research note on Thursday, August 29th. DA Davidson restated a neutral rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. William Blair reaffirmed a market perform rating on shares of Smartsheet in a report on Wednesday. Wells Fargo & Company reissued an equal weight rating and set a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Finally, BMO Capital Markets lifted their price objective on shares of Smartsheet from $48.00 to $59.00 and gave the company an outperform rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $55.82.

Smartsheet Stock Performance

Smartsheet stock opened at $55.34 on Wednesday. The business’s 50-day simple moving average is $49.46 and its two-hundred day simple moving average is $43.61. The company has a market cap of $7.66 billion, a PE ratio of -89.26 and a beta of 0.74. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $55.60.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.29 by $0.15. The business 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 quarterly 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, analysts predict that Smartsheet will post -0.05 EPS for the current fiscal year.

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

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the sale, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the business’s 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 sale, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, 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. Insiders sold 35,157 shares of company stock worth $1,762,763 in the last 90 days. Insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

Several large investors have recently bought and sold shares of the business. First Horizon Advisors Inc. raised its holdings in Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares in the last quarter. Amalgamated Bank raised its stake in Smartsheet by 3.5% during the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after acquiring an additional 294 shares in the last quarter. Advisors Asset Management Inc. lifted its position in Smartsheet by 24.6% in the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock valued at $70,000 after acquiring an additional 360 shares during the last quarter. Washington Capital Management Inc. lifted its position in Smartsheet by 2.1% in the second quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock valued at $872,000 after acquiring an additional 400 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after acquiring an additional 402 shares in the last quarter. Hedge funds and other 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.