Citigroup Boosts Smartsheet (NYSE:SMAR) Price Target to $63.00

Smartsheet (NYSE:SMAR) had its target price boosted by Citigroup from $55.00 to $63.00 in a research report released on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also recently commented on SMAR. Guggenheim lifted their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a buy rating in a research report on Friday. Wells Fargo & Company lifted their target price on shares of Smartsheet from $47.00 to $50.00 and gave the stock an overweight rating in a report on Thursday, June 6th. BMO Capital Markets increased their price target on Smartsheet from $48.00 to $59.00 and gave the company an outperform rating in a research note on Friday. Barclays raised their price target on Smartsheet from $45.00 to $50.00 and gave the stock an equal weight rating in a research report on Friday. Finally, UBS Group upped their price objective on Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Smartsheet currently has a consensus rating of Moderate Buy and an average price target of $55.06.

Smartsheet Stock Performance

Shares of SMAR opened at $52.40 on Friday. The business’s fifty day moving average price is $47.16 and its two-hundred day moving average price is $42.59. The firm has a market capitalization of $7.25 billion, a price-to-earnings ratio of -84.52 and a beta of 0.74. Smartsheet has a 52 week low of $35.52 and a 52 week high of $54.28.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.15. The business had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 4.42% and a negative net margin of 4.07%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.23) earnings per share. As a group, research analysts forecast that Smartsheet will post -0.21 EPS for the current year.

Smartsheet declared that its board has authorized a stock buyback plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the sale, the chief operating officer now owns 61,791 shares of the company’s stock, valued at approximately $2,965,968. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the transaction, the chief operating officer now directly owns 61,791 shares of the company’s stock, valued at approximately $2,965,968. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the sale, the insider now owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. Insiders sold 28,755 shares of company stock valued at $1,263,525 over the last quarter. Corporate insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

Hedge funds have recently modified their holdings of the stock. First Horizon Advisors Inc. boosted its position in Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during the last quarter. Amalgamated Bank raised its stake in shares of Smartsheet by 3.5% during the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after purchasing an additional 294 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Smartsheet by 24.6% in the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock valued at $70,000 after buying an additional 360 shares during the last quarter. Washington Capital Management Inc. boosted its holdings in shares of Smartsheet by 2.1% in the 2nd quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock valued at $872,000 after buying an additional 400 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after buying an additional 402 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

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.