Royal Bank of Canada Reaffirms “Sector Perform” Rating for Smartsheet (NYSE:SMAR)

Royal Bank of Canada reissued their sector perform rating on shares of Smartsheet (NYSE:SMAR) in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a $56.50 price objective on the stock.

Other equities research analysts also recently issued research reports about the company. DA Davidson restated a “neutral” rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Wells Fargo & Company restated an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. One investment 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 stock currently has a consensus rating of “Hold” and a consensus target price of $55.82.

Smartsheet Trading Up 0.3 %

Shares of NYSE SMAR traded up $0.19 during mid-day trading on Thursday, hitting $56.50. The company had a trading volume of 1,516,041 shares, compared to its average volume of 2,113,210. Smartsheet has a 1 year low of $35.52 and a 1 year high of $56.54. The company has a market capitalization of $7.82 billion, a price-to-earnings ratio of -90.82 and a beta of 0.75. The stock’s 50-day moving average price is $52.59 and its 200-day moving average price is $45.75.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The firm had revenue of $276.41 million for 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%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.23) earnings per share. As a group, equities research analysts forecast that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has authorized a share buyback program on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,571 shares of the business’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 completion of the transaction, the insider now directly owns 9,958 shares of the company’s stock, valued at $551,374.46. The trade was a 0.00 % 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. In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 9,958 shares in the company, valued at approximately $551,374.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,730 shares of company stock worth $1,968,866. Company insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several large investors have recently added to or reduced their stakes in SMAR. International Assets Investment Management LLC bought a new stake in shares of Smartsheet during the 2nd quarter valued at $25,000. Versant Capital Management Inc bought a new stake in Smartsheet during the second quarter valued at about $31,000. Raleigh Capital Management Inc. purchased a new stake in Smartsheet in the third quarter worth about $31,000. Waldron Private Wealth LLC bought a new position in shares of Smartsheet in the third quarter worth about $33,000. Finally, Plato Investment Management Ltd purchased a new position in shares of Smartsheet during the 1st quarter valued at about $35,000. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Company Profile

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.