William Blair Reiterates “Market Perform” Rating for Smartsheet (NYSE:SMAR)

William Blair reissued their market perform rating on shares of Smartsheet (NYSE:SMAR) in a research note released on Wednesday, MarketBeat.com reports.

A number of other equities analysts have also recently weighed in on the company. Citigroup upped their price target on Smartsheet from $55.00 to $63.00 and gave the stock a buy rating in a report on Friday, September 6th. JPMorgan Chase & Co. restated a neutral rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Tuesday. Truist Financial lifted their price target on shares of Smartsheet from $55.00 to $60.00 and gave the stock a buy rating in a research note on Friday, September 6th. Morgan Stanley upped their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an overweight rating in a research report on Friday, September 6th. Finally, Jefferies Financial Group restated a hold rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $55.82.

Smartsheet Stock Up 0.0 %

Smartsheet stock opened at $55.34 on Wednesday. The firm has a fifty day moving average of $49.32 and a 200-day moving average of $43.52. Smartsheet has a 52-week low of $35.52 and a 52-week high of $55.60. The firm has a market capitalization of $7.66 billion, a P/E ratio of -89.25 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced 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 firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.23) EPS. On average, research analysts expect that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has authorized a share repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet 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 transaction, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 35,157 shares of company stock worth $1,762,763 over the last quarter. 4.52% of the stock is owned by company insiders.

Institutional Trading of Smartsheet

Several large investors have recently added to or reduced their stakes in SMAR. First Horizon Advisors Inc. boosted its position 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 acquiring an additional 244 shares during the period. Amalgamated Bank raised its stake in shares of Smartsheet by 3.5% during the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock valued at $383,000 after purchasing an additional 294 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in Smartsheet by 24.6% in the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after purchasing an additional 360 shares during the period. Washington Capital Management Inc. increased its stake in Smartsheet by 2.1% during 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 period. Finally, PNC Financial Services Group Inc. raised its position in shares of Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after buying an additional 402 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.