Guggenheim Downgrades Smartsheet (NYSE:SMAR) to Neutral

Smartsheet (NYSE:SMAR - Get Free Report) was downgraded by equities research analysts at Guggenheim from a "buy" rating to a "neutral" rating in a research note issued on Monday, Marketbeat.com reports.

Several other equities analysts have also recently weighed in on SMAR. Canaccord Genuity Group cut shares of Smartsheet from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 25th. UBS Group reissued a "neutral" rating and set a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Morgan Stanley upped their target price on shares of Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Canaccord Genuity Group reaffirmed 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. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $56.50 price objective on shares of Smartsheet in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $55.82.

Smartsheet Trading Down 0.1 %

Shares of NYSE:SMAR traded down $0.07 during midday trading on Monday, hitting $55.95. The company had a trading volume of 1,257,941 shares, compared to its average volume of 2,172,692. Smartsheet has a 12 month low of $35.52 and a 12 month high of $56.55. The firm has a fifty day simple moving average of $54.24 and a 200 day simple moving average of $47.35. The stock has a market cap of $7.77 billion, a price-to-earnings ratio of -180.71 and a beta of 0.74.

Smartsheet (NYSE:SMAR - Get Free Report) last announced its 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. The firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business's revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.23) EPS. Equities analysts forecast that Smartsheet will post -0.05 EPS for the current fiscal year.

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

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,741 shares of the company'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 completion of the sale, the insider now owns 17,100 shares in the company, valued at approximately $823,878. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,741 shares of the firm's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value 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 position. The disclosure for this sale can be found here. Insiders sold 42,730 shares of company stock valued at $2,249,116 over the last 90 days. Corporate insiders own 4.52% of the company's stock.

Institutional Trading of Smartsheet

A number of large investors have recently made changes to their positions in the stock. Sei Investments Co. boosted its holdings in Smartsheet by 20.3% in the first quarter. Sei Investments Co. now owns 147,306 shares of the company's stock worth $5,671,000 after acquiring an additional 24,823 shares in the last quarter. CWM LLC increased its stake in shares of Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company's stock valued at $876,000 after purchasing an additional 13,621 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Smartsheet by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company's stock valued at $531,655,000 after buying an additional 225,390 shares in the last quarter. Assenagon Asset Management S.A. grew its position 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 valued at $4,605,000 after purchasing an additional 65,670 shares during the period. Finally, Bailard Inc. purchased a new stake in Smartsheet during the 2nd quarter worth approximately $3,435,000. 90.01% of the stock is 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.