Smartsheet (NYSE:SMAR) Receives Neutral Rating from JPMorgan Chase & Co.

JPMorgan Chase & Co. reiterated their neutral rating on shares of Smartsheet (NYSE:SMAR) in a report issued on Tuesday, Benzinga reports. They currently have a $56.50 price target on the stock, down from their prior price target of $60.00.

Other equities research analysts also recently issued research reports about the company. Citigroup raised their price objective on Smartsheet from $55.00 to $63.00 and gave the company a buy rating in a report on Friday, September 6th. Royal Bank of Canada boosted their price target on Smartsheet from $43.00 to $51.00 and gave the stock a sector perform rating in a report on Friday, September 6th. Wells Fargo & Company raised their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the company an overweight rating in a report on Thursday, June 6th. Morgan Stanley boosted 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, Canaccord Genuity Group lifted their price target on shares of Smartsheet from $52.00 to $60.00 and gave the stock a buy rating in a report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $55.82.

Smartsheet Stock Performance

Shares of NYSE SMAR opened at $55.34 on Tuesday. The stock has a market capitalization of $7.66 billion, a P/E ratio of -89.25 and a beta of 0.74. The stock’s fifty day moving average is $49.32 and its 200 day moving average is $43.52. Smartsheet has a 52 week low of $35.52 and a 52 week high of $55.60.

Smartsheet (NYSE:SMAR) last released 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 during the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the prior year, the company earned ($0.23) earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. Equities research analysts forecast that Smartsheet will post -0.05 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated 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 transaction, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s 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 of the company’s stock, valued at $714,203.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction on 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 directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,157 shares of company stock worth $1,762,763. 4.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

Institutional investors and hedge funds have recently made changes to their positions in the business. Sei Investments Co. increased its stake in shares of Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after purchasing an additional 24,823 shares in the last quarter. CWM LLC raised its stake in shares of Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares during the period. Capstone Investment Advisors LLC purchased a new position in shares of Smartsheet during the 1st quarter valued at about $1,512,000. Alberta Investment Management Corp bought a new position in shares of Smartsheet during the 4th quarter valued at approximately $1,219,000. Finally, Sirios Capital Management L P purchased a new stake in Smartsheet in the 4th quarter worth approximately $9,947,000. Hedge funds and other institutional investors 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.