JPMorgan Chase & Co. Reaffirms “Neutral” Rating for Smartsheet (NYSE:SMAR)

JPMorgan Chase & Co. reaffirmed their neutral rating on shares of Smartsheet (NYSE:SMAR) in a research report report published on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has a $56.50 price objective on the stock, down from their previous price objective of $60.00.

Several other research firms have also recently commented on SMAR. DA Davidson restated a buy rating and set a $55.00 price target on shares of Smartsheet in a report on Friday, September 6th. Wells Fargo & Company upped their target price on Smartsheet from $47.00 to $50.00 and gave the stock an overweight rating in a research report on Thursday, June 6th. Royal Bank of Canada lifted their price target on Smartsheet from $43.00 to $51.00 and gave the company a sector perform rating in a report on Friday, September 6th. Truist Financial boosted their price target on Smartsheet from $55.00 to $60.00 and gave the company a buy rating in a research note on Friday, September 6th. Finally, BMO Capital Markets raised their price objective on shares of Smartsheet from $48.00 to $59.00 and gave the company an outperform rating in a research report on Friday, September 6th. One 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.com, the stock currently has an average rating of Hold and a consensus target price of $56.21.

Smartsheet Trading Down 0.1 %

Shares of Smartsheet stock opened at $55.33 on Tuesday. Smartsheet has a 1 year low of $35.52 and a 1 year high of $55.60. The company has a market cap of $7.69 billion, a P/E ratio of -89.24 and a beta of 0.74. The stock has a 50-day moving average price of $49.17 and a 200 day moving average price of $43.43.

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. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period in the prior year, the firm earned ($0.23) earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. On average, equities analysts forecast that Smartsheet will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the sale, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Jolene Lau Marshall sold 3,994 shares of the company’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 completion of the transaction, the insider now directly owns 16,567 shares in the company, valued at approximately $714,203.37. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was 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 $30,486,096.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,157 shares of company stock worth $1,762,763. Company insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

Several large investors have recently added to or reduced their stakes in SMAR. International Assets Investment Management LLC bought a new stake in shares of Smartsheet during the second quarter valued at approximately $25,000. Banque Cantonale Vaudoise bought a new stake in Smartsheet in the 1st quarter valued at $29,000. Versant Capital Management Inc acquired a new position in shares of Smartsheet in the 2nd quarter valued at $31,000. Plato Investment Management Ltd bought a new position in shares of Smartsheet during the 1st quarter worth about $35,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares in the last quarter. Institutional investors and hedge funds 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.