Smartsheet (NYSE:SMAR) Stock Rating Reaffirmed by Citigroup

Smartsheet (NYSE:SMAR)‘s stock had its “neutral” rating reissued by research analysts at Citigroup in a report released on Friday, MarketBeat.com reports. They presently have a $56.50 target price on the stock, down from their previous target price of $63.00. Citigroup’s target price would suggest a potential upside of 2.10% from the stock’s current price.

A number of other research analysts have also recently weighed in on the company. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday. Barclays increased their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday. UBS Group restated a “neutral” rating and set a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a research note on Thursday. Finally, Canaccord Genuity Group lowered Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $55.82.

Smartsheet Trading Up 0.0 %

Shares of SMAR stock opened at $55.34 on Friday. Smartsheet has a 12 month low of $35.52 and a 12 month high of $55.60. The stock has a market cap of $7.66 billion, a P/E ratio of -89.26 and a beta of 0.74. The company has a 50 day simple moving average of $49.46 and a two-hundred day simple moving average of $43.61.

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

Smartsheet announced that its board has authorized a share repurchase program on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The disclosure for this sale can be found here. Insiders have sold 35,157 shares of company stock valued at $1,762,763 over the last ninety days. 4.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Smartsheet

Hedge funds and other institutional investors have recently modified their holdings of the business. International Assets Investment Management LLC purchased a new stake in Smartsheet in the second quarter worth $25,000. Banque Cantonale Vaudoise purchased a new position in Smartsheet in the 1st quarter worth about $29,000. Versant Capital Management Inc bought a new stake in Smartsheet during the 2nd quarter valued at about $31,000. Plato Investment Management Ltd purchased a new stake in Smartsheet in the 1st quarter valued at about $35,000. Finally, First Horizon Advisors Inc. boosted its position in Smartsheet by 37.5% in the 2nd 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 period. 90.01% of the stock is currently owned by hedge funds and other 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.