Smartsheet (NYSE:SMAR) Cut to Neutral at Guggenheim

Guggenheim downgraded shares of Smartsheet (NYSE:SMAR) from a buy rating to a neutral rating in a research report sent to investors on Monday, Marketbeat Ratings reports.

Several other research firms have also commented on SMAR. Needham & Company LLC reaffirmed a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Barclays upped their target price on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Truist Financial reiterated a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Royal Bank of Canada restated a “sector perform” rating and issued a $56.50 price objective on shares of Smartsheet in a research report on Thursday, October 24th. Finally, William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Smartsheet currently has an average rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Performance

Shares of SMAR stock opened at $55.91 on Monday. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The firm has a market capitalization of $7.77 billion, a PE ratio of -180.35 and a beta of 0.74. The stock’s 50-day simple moving average is $54.24 and its 200-day simple moving average is $47.35.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.23) EPS. Sell-side analysts forecast that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has approved a share repurchase plan on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the completion of the sale, the chief executive officer now directly owns 578,762 shares in the company, valued at approximately $32,439,610.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s 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 directly owns 64,215 shares of the company’s stock, valued at $3,403,395. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the transaction, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,730 shares of company stock worth $2,249,116 over the last quarter. 4.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

A number of institutional investors have recently added to or reduced their stakes in SMAR. SG Americas Securities LLC increased its stake in shares of Smartsheet by 250.1% in the 1st quarter. SG Americas Securities LLC now owns 15,630 shares of the company’s stock worth $602,000 after acquiring an additional 11,166 shares during the last quarter. Swiss National Bank boosted its holdings in Smartsheet by 1.1% in the 1st quarter. Swiss National Bank now owns 255,700 shares of the company’s stock valued at $9,844,000 after purchasing an additional 2,700 shares during the last quarter. Sei Investments Co. grew its stake in shares of Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after buying an additional 24,823 shares during the period. Entropy Technologies LP acquired a new stake in shares of Smartsheet during the 1st quarter worth approximately $990,000. Finally, State Board of Administration of Florida Retirement System increased its holdings in shares of Smartsheet by 5.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 128,873 shares of the company’s stock worth $4,962,000 after buying an additional 6,260 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.