Smartsheet’s (SMAR) Hold Rating Reiterated at Truist Financial

Truist Financial reissued their hold rating on shares of Smartsheet (NYSE:SMAR) in a report released on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has a $56.50 price objective on the stock, down from their prior price objective of $60.00.

Several other equities research analysts also recently issued reports on the company. Guggenheim increased their target price on Smartsheet from $60.00 to $62.00 and gave the stock a buy rating in a research report on Friday, September 6th. UBS Group increased their target price on Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a research report on Thursday, August 29th. Barclays increased their target price on Smartsheet from $45.00 to $50.00 and gave the stock an equal weight rating in a research report on Friday, September 6th. Morgan Stanley increased their target price on Smartsheet from $55.00 to $57.00 and gave the stock an overweight rating in a research report on Friday, September 6th. Finally, JPMorgan Chase & Co. restated a neutral rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. One equities 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 company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $55.82.

Smartsheet Trading Up 0.0 %

Shares of SMAR stock opened at $55.34 on Wednesday. The firm’s 50 day moving average is $49.32 and its 200 day moving average is $43.52. The stock has a market capitalization of $7.66 billion, a P/E ratio of -89.25 and a beta of 0.74. Smartsheet has a 12 month low of $35.52 and a 12 month high of $55.60.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million for 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 business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.23) earnings per share. On average, equities analysts predict that Smartsheet will post -0.05 EPS for the current year.

Smartsheet announced that its board has authorized a share buyback plan on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the sale, the chief operating officer now owns 61,791 shares in the company, valued at $2,965,968. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the sale, the chief operating officer now owns 61,791 shares in the company, valued at $2,965,968. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now directly owns 17,100 shares in the company, valued at $823,878. 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 90 days. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SMAR. International Assets Investment Management LLC bought a new position in shares of Smartsheet during the second quarter valued at about $25,000. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet during the first quarter valued at about $29,000. Versant Capital Management Inc bought a new position in shares of Smartsheet during the second quarter valued at about $31,000. Plato Investment Management Ltd bought a new position in shares of Smartsheet during the first quarter valued at about $35,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after buying an additional 244 shares during the last quarter. 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.