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Smartsheet Inc (NYSE:SMAR) Given Consensus Rating of "Hold" by Analysts

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Smartsheet Inc (NYSE:SMAR - Get Free Report) has been assigned a consensus recommendation of "Hold" from the twenty analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $55.82.

SMAR has been the subject of a number of research analyst reports. BMO Capital Markets reiterated a "market perform" rating and set a $56.50 price target (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. DA Davidson reaffirmed a "neutral" rating and issued a $56.50 target price (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Citigroup restated a "neutral" rating and set a $56.50 target price (down previously from $63.00) on shares of Smartsheet in a report on Friday, September 27th. William Blair reiterated a "market perform" rating on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Wolfe Research reissued a "peer perform" rating on shares of Smartsheet in a research note on Wednesday, September 25th.

Get Our Latest Report on Smartsheet

Smartsheet Price Performance

NYSE:SMAR traded down $0.04 on Monday, reaching $55.98. 2,642,942 shares of the company's stock were exchanged, compared to its average volume of 2,221,354. Smartsheet has a 52 week low of $35.52 and a 52 week high of $56.55. The firm has a market cap of $7.84 billion, a price-to-earnings ratio of -933.00, a P/E/G ratio of 82.24 and a beta of 0.71. The stock has a fifty day simple moving average of $56.00 and a 200-day simple moving average of $50.34.

Smartsheet declared that its board has approved a share buyback plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was 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 trade represents a 0.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,205 shares of the firm's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the sale, the insider now owns 18,695 shares in the company, valued at approximately $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,776 shares of company stock valued at $1,969,550. Insiders own 4.52% of the company's stock.

Institutional Trading of Smartsheet

Large investors have recently bought and sold shares of the company. Zacks Investment Management purchased a new stake in Smartsheet during the 3rd quarter worth approximately $4,551,000. Assenagon Asset Management S.A. increased its stake in shares of Smartsheet by 169.3% in the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company's stock worth $4,605,000 after buying an additional 65,670 shares during the last quarter. Bailard Inc. acquired a new stake in Smartsheet in the second quarter valued at $3,435,000. Verition Fund Management LLC boosted its stake in Smartsheet by 1,149.0% during the 3rd quarter. Verition Fund Management LLC now owns 322,103 shares of the company's stock valued at $17,832,000 after acquiring an additional 296,314 shares during the last quarter. Finally, Maven Securities LTD bought a new position in Smartsheet during the 3rd quarter valued at $3,875,000. Institutional investors and hedge funds own 90.01% of the company's stock.

Smartsheet Company Profile

(Get Free Report

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.

Further Reading

Analyst Recommendations for Smartsheet (NYSE:SMAR)

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