Smartsheet's (SMAR) "Hold" Rating Reaffirmed at Needham & Company LLC

Smartsheet (NYSE:SMAR - Get Free Report)'s stock had its "hold" rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Friday,Benzinga reports.

SMAR has been the subject of several other reports. Truist Financial reaffirmed a "hold" rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Morgan Stanley lifted 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. Canaccord Genuity Group reiterated a "hold" rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Barclays boosted their target price on Smartsheet from $50.00 to $56.50 and gave the stock an "equal weight" rating in a research note on Wednesday, September 25th. Finally, Guggenheim downgraded Smartsheet from a "buy" rating to a "neutral" rating in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $55.82.

Smartsheet Stock Performance

SMAR stock traded down $0.05 during mid-day trading on Friday, reaching $56.07. The company had a trading volume of 2,220,134 shares, compared to its average volume of 2,360,816. The firm has a fifty day simple moving average of $55.93 and a 200 day simple moving average of $49.57. The company has a market capitalization of $7.79 billion, a price-to-earnings ratio of -934.50 and a beta of 0.71. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $56.55.

Smartsheet (NYSE:SMAR - Get Free Report) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm had revenue of $276.41 million for the quarter, compared to analysts' expectations of $274.23 million. During the same quarter last year, the company earned ($0.23) earnings per share. The firm's revenue was up 17.3% compared to the same quarter last year. As a group, analysts predict that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has authorized a stock buyback program on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Smartsheet

In related news, CEO Mark Patrick Mader sold 5,000 shares of the business's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $56.05, for a total transaction of $280,250.00. Following the sale, the chief executive officer now owns 578,762 shares of the company's stock, valued at approximately $32,439,610.10. The trade was a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business'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 sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. This trade represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,194 shares of company stock worth $2,248,098 over the last 90 days. Company insiders own 4.52% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Synovus Financial Corp boosted its stake in shares of Smartsheet by 4.1% during the 3rd quarter. Synovus Financial Corp now owns 11,854 shares of the company's stock worth $656,000 after purchasing an additional 471 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Smartsheet by 38.4% during the third quarter. Tidal Investments LLC now owns 30,337 shares of the company's stock valued at $1,679,000 after buying an additional 8,424 shares during the period. Virtu Financial LLC acquired a new stake in Smartsheet during the third quarter worth approximately $695,000. Geode Capital Management LLC grew its stake in Smartsheet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company's stock worth $123,545,000 after acquiring an additional 52,293 shares during the period. Finally, Vestcor Inc acquired a new position in Smartsheet in the 3rd quarter valued at $3,928,000. Institutional investors and hedge funds 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.