Royal Bank of Canada Reiterates Sector Perform Rating for Smartsheet (NYSE:SMAR)

Royal Bank of Canada restated their sector perform rating on shares of Smartsheet (NYSE:SMAR - Free Report) in a report released on Thursday, Benzinga reports. Royal Bank of Canada currently has a $56.50 target price on the stock.

Several other equities research analysts also recently issued reports on the company. Jefferies Financial Group restated a "hold" rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. 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. JPMorgan Chase & Co. reissued a "neutral" rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Guggenheim boosted their target price on shares of Smartsheet from $60.00 to $62.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. Finally, Truist Financial reaffirmed a "hold" rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Smartsheet has an average rating of "Hold" and an average price target of $55.82.

Smartsheet Price Performance

Shares of Smartsheet stock traded up $0.42 on Thursday, reaching $56.31. 9,796,156 shares of the company were exchanged, compared to its average volume of 2,116,109. Smartsheet has a 1-year low of $35.52 and a 1-year high of $56.53. The stock's 50 day moving average price is $52.59 and its 200-day moving average price is $45.75. The company has a market cap of $7.82 billion, a P/E ratio of -181.64 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 during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.23) earnings per share. On average, research analysts predict that Smartsheet will post -0.05 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In related news, insider Jolene Lau Marshall sold 3,571 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total value of $197,726.27. Following the sale, the insider now directly owns 9,958 shares in the company, valued at $551,374.46. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Mark Patrick Mader sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $55.35, for a total value of $276,750.00. Following the completion of the sale, the chief executive officer now owns 583,762 shares in the company, valued at approximately $32,311,226.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the transaction, the insider now owns 9,958 shares in the company, valued at approximately $551,374.46. The trade was 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 37,730 shares of company stock valued at $1,968,866 over the last three months. Company insiders own 4.52% of the company's stock.

Institutional Trading of Smartsheet

Hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC purchased a new stake in Smartsheet in the 2nd quarter worth approximately $25,000. Versant Capital Management Inc purchased a new stake in shares of Smartsheet during the 2nd quarter worth about $31,000. Raleigh Capital Management Inc. acquired a new stake in shares of Smartsheet during the 3rd quarter valued at about $31,000. Waldron Private Wealth LLC bought a new stake in shares of Smartsheet in the 3rd quarter valued at approximately $33,000. Finally, Plato Investment Management Ltd acquired a new position in Smartsheet in the first quarter worth approximately $35,000. 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.