Smartsheet’s (SMAR) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

by · The Cerbat Gem

Smartsheet (NYSE:SMAR – Get Free Report)‘s stock had its “sector perform” rating restated by research analysts at Royal Bank of Canada in a research note issued to investors on Thursday, Benzinga reports. They currently have a $56.50 target price on the stock.

SMAR has been the topic of a number of other reports. Needham & Company LLC reaffirmed a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Truist Financial reaffirmed a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. UBS Group reaffirmed a “neutral” rating and set a $56.50 price objective (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Finally, Jefferies Financial Group reaffirmed 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. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.82.

Get Our Latest Stock Report on Smartsheet

Smartsheet Trading Up 1.1 %

SMAR stock traded up $0.61 during trading on Thursday, reaching $56.50. 7,612,828 shares of the stock were exchanged, compared to its average volume of 2,104,729. Smartsheet has a twelve month low of $35.52 and a twelve month high of $56.53. The company has a market capitalization of $7.85 billion, a P/E ratio of -182.19 and a beta of 0.75. The stock has a 50 day simple moving average of $52.59 and a 200-day simple moving average of $45.75.

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

Smartsheet declared that its board has authorized a stock repurchase program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the sale, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the sale, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,730 shares of company stock worth $1,968,866 in the last quarter. Insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several institutional investors and hedge funds have recently made changes to their positions in SMAR. Swedbank AB acquired a new position in shares of Smartsheet in the 1st quarter valued at $38,388,000. AQR Capital Management LLC grew its holdings in shares of Smartsheet by 188.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after buying an additional 881,004 shares during the period. Engaged Capital LLC acquired a new position in shares of Smartsheet in the 2nd quarter valued at $29,600,000. Marshall Wace LLP grew its holdings in shares of Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after buying an additional 533,278 shares during the period. Finally, Panagora Asset Management Inc. acquired a new position in shares of Smartsheet in the 2nd quarter valued at $21,254,000. Institutional investors 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.

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