Smartsheet (NYSE:SMAR) PT Raised to $56.50

Smartsheet (NYSE:SMAR) had its price objective lifted by investment analysts at Royal Bank of Canada from $51.00 to $56.50 in a report issued on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 2.11% from the company’s previous close.

SMAR has been the subject of several other research reports. Morgan Stanley raised 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. Citigroup boosted their target price on Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Barclays increased their price target on Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. Guggenheim boosted their price objective on Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $56.21.

Smartsheet Trading Down 0.1 %

SMAR opened at $55.33 on Wednesday. The stock has a 50-day moving average of $49.17 and a 200 day moving average of $43.43. Smartsheet has a 12 month low of $35.52 and a 12 month high of $55.60. The firm has a market cap of $7.69 billion, a P/E ratio of -89.24 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the business earned ($0.23) EPS. The company’s quarterly revenue was up 17.3% on a year-over-year basis. On average, research analysts forecast that Smartsheet will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its board has initiated a stock repurchase plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding 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 board of directors believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction 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 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 filing with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The disclosure for this sale can be found here. Insiders have sold 35,157 shares of company stock worth $1,762,763 over the last quarter. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Large investors have recently bought and sold shares of the company. Swedbank AB acquired a new stake in shares of Smartsheet in the first quarter worth $38,388,000. Granahan Investment Management LLC grew its position in Smartsheet by 908.1% during the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock worth $49,767,000 after purchasing an additional 937,483 shares during the period. AQR Capital Management LLC raised its stake in shares of Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after buying an additional 881,004 shares during the last quarter. Engaged Capital LLC acquired a new position in shares of Smartsheet in the 2nd quarter valued at about $29,600,000. Finally, Marshall Wace LLP boosted its stake in shares of Smartsheet by 40.9% in 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 last quarter. Hedge funds and other 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.