Smartsheet’s (SMAR) Peer Perform Rating Reaffirmed at Wolfe Research

Wolfe Research reiterated their peer perform rating on shares of Smartsheet (NYSE:SMAR) in a research note published on Wednesday morning, MarketBeat Ratings reports.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group reissued a hold rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Wells Fargo & Company reissued an equal weight rating and issued a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. BMO Capital Markets reaffirmed a market perform rating and set a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a report on Wednesday. Citigroup lifted their target price on Smartsheet from $55.00 to $63.00 and gave the company a buy rating in a report on Friday, September 6th. Finally, UBS Group lifted their target price on Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $55.82.

Smartsheet Price Performance

NYSE SMAR opened at $55.34 on Wednesday. The business’s fifty day moving average is $49.46 and its 200-day moving average is $43.61. Smartsheet has a one year low of $35.52 and a one year high of $55.60. The stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of -89.26 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data 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 company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same quarter last year, the firm posted ($0.23) EPS. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. Research analysts expect that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its Board of Directors has approved a stock buyback program on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction that occurred 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 owns 588,762 shares in the company, valued at approximately $30,486,096.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Jolene Lau Marshall sold 3,994 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the sale, the insider now directly owns 16,567 shares of the company’s stock, valued at $714,203.37. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the company’s 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 in the company, valued at $30,486,096.36. The disclosure for this sale can be found here. Insiders sold 35,157 shares of company stock worth $1,762,763 in the last quarter. 4.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SMAR. International Assets Investment Management LLC purchased a new position in shares of Smartsheet during the 2nd quarter worth $25,000. Banque Cantonale Vaudoise bought a new stake in shares of Smartsheet in the 1st quarter worth about $29,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet during the 2nd quarter worth approximately $31,000. Plato Investment Management Ltd purchased a new position in Smartsheet in the 1st quarter worth about $35,000. Finally, First Horizon Advisors Inc. increased its holdings in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the period. 90.01% of the stock is 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.