Smartsheet (NYSE:SMAR) Rating Reiterated by Truist Financial

Smartsheet (NYSE:SMAR)‘s stock had its “hold” rating reaffirmed by equities research analysts at Truist Financial in a research note issued on Wednesday, MarketBeat Ratings reports. They currently have a $56.50 target price on the stock, down from their prior target price of $60.00. Truist Financial’s price target points to a potential upside of 2.11% from the stock’s current price.

A number of other equities analysts have also commented on SMAR. Morgan Stanley boosted their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. BMO Capital Markets reissued a “market perform” rating and issued a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday. Needham & Company LLC reissued a “hold” rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Tuesday. UBS Group boosted their price objective on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Citigroup upped their price target on Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $56.21.

Smartsheet Price Performance

Shares of SMAR stock opened at $55.33 on Wednesday. The stock’s fifty day simple moving average is $49.17 and its 200 day simple moving average is $43.43. The firm has a market cap of $7.69 billion, a price-to-earnings ratio of -89.24 and a beta of 0.74. Smartsheet has a one year low of $35.52 and a one year high of $55.60.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The company 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 4.29% and a negative net margin of 4.07%. The business’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. On average, research analysts anticipate that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has approved a share repurchase 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 management believes its stock is undervalued.

Insider Activity at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the sale, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,157 shares of company stock worth $1,762,763. 4.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Smartsheet

Several large investors have recently modified their holdings of SMAR. Vanguard Group Inc. boosted its position in shares of Smartsheet by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after buying an additional 225,390 shares during the period. Eminence Capital LP boosted its position in shares of Smartsheet by 9.2% during the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after buying an additional 358,988 shares during the period. Dorsal Capital Management LP boosted its position in shares of Smartsheet by 4.0% during the fourth quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock worth $154,220,000 after buying an additional 125,000 shares during the period. RGM Capital LLC boosted its position in shares of Smartsheet by 7.6% during the second quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after buying an additional 156,817 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after buying an additional 533,278 shares during the period. 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.