Smartsheet Inc (NYSE:SMAR) Receives Average Recommendation of "Hold" from Analysts

Shares of Smartsheet Inc (NYSE:SMAR - Get Free Report) have been assigned an average rating of "Hold" from the twenty ratings firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $55.82.

Several equities research analysts have weighed in on the company. Jefferies Financial Group reissued a "hold" rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. William Blair reissued a "market perform" rating on shares of Smartsheet in a report on Wednesday, September 25th. Truist Financial reissued a "hold" rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Morgan Stanley raised their price target on Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Finally, Citigroup restated a "neutral" rating and issued a $56.50 price objective (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th.

Smartsheet Stock Performance

SMAR stock traded up $0.20 during trading on Friday, reaching $56.51. 5,109,957 shares of the company traded hands, compared to its average volume of 2,130,572. Smartsheet has a 12 month low of $35.52 and a 12 month high of $56.54. The business has a 50 day simple moving average of $52.88 and a 200 day simple moving average of $45.99. The company has a market capitalization of $7.82 billion, a price-to-earnings ratio of -91.15 and a beta of 0.75.

Smartsheet (NYSE:SMAR - Get Free Report) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.15. The company 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 firm's revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.23) earnings per share. As a group, research analysts forecast that Smartsheet will post -0.05 EPS for the current year.

Smartsheet announced that its board has approved a share buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the sale, the insider now directly owns 17,100 shares of the company's stock, valued at $823,878. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the business's stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the transaction, the insider now owns 17,100 shares of the company's stock, valued at approximately $823,878. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business's stock in a transaction 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 transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,730 shares of company stock valued at $1,968,866 over the last ninety days. Insiders own 4.52% of the company's stock.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMAR. International Assets Investment Management LLC purchased a new stake in Smartsheet in the second quarter valued at $25,000. Versant Capital Management Inc purchased a new stake in shares of Smartsheet in the 2nd quarter valued at $31,000. Raleigh Capital Management Inc. purchased a new stake in shares of Smartsheet in the 3rd quarter valued at $31,000. Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet in the 3rd quarter valued at $33,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Smartsheet in the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

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.