Smartsheet Inc (NYSE:SMAR) Receives Consensus Rating of “Hold” from Analysts

Smartsheet Inc (NYSE:SMAR) has earned a consensus recommendation of “Hold” from the twenty research firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $55.82.

Several equities analysts recently weighed in on the stock. Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Canaccord Genuity Group lowered Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Morgan Stanley upped their price target on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Jefferies Financial Group restated a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th.

Insider Activity

In other news, CEO Mark Patrick Mader sold 47,916 shares of Smartsheet stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $55.96, for a total value of $2,681,379.36. Following the completion of the transaction, the chief executive officer now owns 624,356 shares in the company, valued at $34,938,961.76. This trade represents a 7.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total transaction of $197,726.27. Following the sale, the insider now owns 9,958 shares in the company, valued at $551,374.46. The trade was a 26.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,692 shares of company stock valued at $3,727,309 in the last 90 days. Insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. US Bancorp DE boosted its holdings in shares of Smartsheet by 12.9% in the third quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after acquiring an additional 200 shares during the period. Landscape Capital Management L.L.C. lifted its holdings in Smartsheet by 0.3% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock worth $4,596,000 after purchasing an additional 225 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in Smartsheet by 25.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock valued at $62,000 after buying an additional 228 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Smartsheet by 2.4% during the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock valued at $639,000 after buying an additional 266 shares during the period. Finally, Larson Financial Group LLC lifted its holdings in shares of Smartsheet by 2.1% in the third quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock worth $734,000 after buying an additional 277 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Trading Up 0.0 %

Smartsheet stock opened at $56.01 on Monday. The firm has a market capitalization of $7.84 billion, a price-to-earnings ratio of -933.50, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71. The firm’s fifty day moving average price is $56.03 and its two-hundred day moving average price is $50.67. Smartsheet has a 1-year low of $35.52 and a 1-year high of $56.55.

Smartsheet announced that its Board of Directors has initiated a stock 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 usually an indication that the company’s board of directors believes its stock is undervalued.

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.