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

Royal Bank of Canada restated their sector perform rating on shares of Smartsheet (NYSE:SMAR) in a research note released on Thursday, Benzinga reports. The firm currently has a $56.50 price target on the stock.

Other analysts have also recently issued research reports about the company. 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 report on Wednesday, September 25th. William Blair reissued a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Morgan Stanley upped their target price on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. 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 currently has a consensus rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Up 0.4 %

NYSE SMAR opened at $56.51 on Thursday. The company has a market cap of $7.82 billion, a PE ratio of -91.15 and a beta of 0.75. Smartsheet has a 52 week low of $35.52 and a 52 week high of $56.54. The firm’s 50-day simple moving average is $52.88 and its two-hundred day simple moving average is $45.99.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate 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 company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the firm earned ($0.23) EPS. Smartsheet’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, equities research analysts anticipate that Smartsheet will post -0.05 EPS for the current year.

Smartsheet declared that its Board of Directors has approved a share repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares in the company, valued at approximately $823,878. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total value of $276,750.00. Following the transaction, the chief executive officer now directly owns 583,762 shares of the company’s stock, valued at $32,311,226.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,730 shares of company stock worth $1,968,866 over the last ninety days. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On 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 position in shares of Smartsheet in the second quarter valued at about $25,000. Versant Capital Management Inc purchased a new position in Smartsheet during the 2nd quarter valued at about $31,000. Raleigh Capital Management Inc. bought a new position in Smartsheet during the 3rd quarter valued at approximately $31,000. Waldron Private Wealth LLC purchased a new stake in Smartsheet in the 3rd quarter worth approximately $33,000. Finally, Plato Investment Management Ltd purchased a new stake in Smartsheet in the 1st quarter worth approximately $35,000. 90.01% of the stock is currently owned by institutional investors.

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.