Smartsheet Inc (NYSE:SMAR) Receives $55.82 Consensus Target Price from Brokerages

Shares of Smartsheet Inc (NYSE:SMAR) have been assigned an average rating of “Hold” from the twenty analysts that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, seventeen have given a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $55.82.

SMAR has been the topic of a number of research reports. DA Davidson reaffirmed a “neutral” rating and set a $56.50 target price (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Truist Financial 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 Wednesday, September 25th. Canaccord Genuity Group lowered shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. BMO Capital Markets reissued a “market perform” rating and set a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $56.50 price objective on shares of Smartsheet in a research note on Thursday, October 24th.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the transaction, the insider now directly owns 13,529 shares of the company’s stock, valued at $684,432.11. The trade was a 20.88 % 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, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The trade was a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,194 shares of company stock worth $2,248,098. Corporate insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMAR. International Assets Investment Management LLC purchased a new stake in Smartsheet during the second quarter valued at approximately $25,000. Brooklyn Investment Group purchased a new stake in Smartsheet during the third quarter valued at approximately $28,000. Versant Capital Management Inc purchased a new stake in Smartsheet during the second quarter valued at approximately $31,000. Raleigh Capital Management Inc. purchased a new stake in Smartsheet during the third quarter valued at approximately $31,000. Finally, Waldron Private Wealth LLC purchased a new stake in Smartsheet during the third quarter valued at approximately $33,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Smartsheet Stock Performance

Smartsheet stock opened at $56.00 on Thursday. The firm’s fifty day moving average price is $55.60 and its 200-day moving average price is $48.86. The stock has a market cap of $7.78 billion, a P/E ratio of -180.65 and a beta of 0.74. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $56.55.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. The firm had revenue of $276.41 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.23) EPS. On average, analysts predict that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board 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.