Smartsheet (NYSE:SMAR) Rating Reiterated by BMO Capital Markets

Smartsheet (NYSE:SMAR)‘s stock had its “market perform” rating reiterated by analysts at BMO Capital Markets in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $56.50 price objective on the stock, down from their prior price objective of $59.00. BMO Capital Markets’ target price would indicate a potential upside of 2.11% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group reiterated a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. Morgan Stanley lifted their price target on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Tuesday. Guggenheim raised 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, Barclays raised their price objective on Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $56.21.

Smartsheet Stock Performance

Shares of SMAR opened at $55.33 on Wednesday. Smartsheet has a 52-week low of $35.52 and a 52-week high of $55.60. The business’s fifty day moving average is $49.17 and its 200-day 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 (NYSE:SMAR) last issued 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. 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 for the quarter, compared to analyst estimates of $274.23 million. During the same quarter last year, the company posted ($0.23) EPS. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, research analysts forecast 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 authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total value 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value 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 filing with the SEC, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total value 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 $714,203.37. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,157 shares of company stock valued at $1,762,763. 4.52% of the stock is currently owned by company insiders.

Institutional Trading of Smartsheet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMAR. PNC Financial Services Group Inc. increased its position in Smartsheet by 3.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after buying an additional 402 shares in the last quarter. UBS Group AG increased its position in Smartsheet by 59.9% in the 4th quarter. UBS Group AG now owns 181,234 shares of the company’s stock valued at $8,667,000 after buying an additional 67,878 shares in the last quarter. Advisory Services Network LLC increased its position in Smartsheet by 21.5% in the 4th quarter. Advisory Services Network LLC now owns 6,682 shares of the company’s stock valued at $320,000 after buying an additional 1,184 shares in the last quarter. Artisan Partners Limited Partnership increased its position in Smartsheet by 34.0% in the 4th quarter. Artisan Partners Limited Partnership now owns 524,236 shares of the company’s stock valued at $25,069,000 after buying an additional 133,153 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its holdings in Smartsheet by 69.2% during the 4th quarter. Allianz Asset Management GmbH now owns 132,482 shares of the company’s stock worth $6,335,000 after purchasing an additional 54,164 shares in the last quarter. 90.01% of the stock is 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.