Smartsheet Inc (NYSE:SMAR) Receives $55.82 Average PT from Analysts

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

A number of brokerages have recently commented on SMAR. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. BMO Capital Markets reissued a “market perform” rating and issued a $56.50 target price (down from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Canaccord Genuity Group reissued a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Needham & Company LLC reissued a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Morgan Stanley raised their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th.

Smartsheet Price Performance

SMAR stock opened at $56.08 on Thursday. The business has a 50-day moving average price of $55.43 and a 200 day moving average price of $48.70. Smartsheet has a 1-year low of $35.52 and a 1-year high of $56.55. The company has a market capitalization of $7.79 billion, a P/E ratio of -180.90 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.23) EPS. On average, analysts anticipate that Smartsheet will post -0.05 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction that occurred 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 directly owns 64,215 shares in the company, valued at $3,403,395. This represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 3,205 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the sale, the insider now owns 18,695 shares in the company, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,194 shares of company stock valued at $2,248,098 over the last ninety days. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SMAR. Brooklyn Investment Group acquired a new stake in shares of Smartsheet during the 3rd quarter worth about $28,000. Raleigh Capital Management Inc. purchased a new stake in shares of Smartsheet in the third quarter valued at $31,000. International Assets Investment Management LLC acquired a new position in Smartsheet in the second quarter valued at $25,000. Waldron Private Wealth LLC purchased a new position in Smartsheet during the third quarter worth about $33,000. Finally, Versant Capital Management Inc purchased a new position in Smartsheet during the second quarter worth about $31,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.