Brokerages Set Smartsheet Inc (NYSE:SMAR) PT at $55.82

by · The Markets Daily

Smartsheet Inc (NYSE:SMAR – Get Free Report) has earned an average recommendation of “Hold” from the twenty research firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $55.82.

SMAR has been the topic of several recent research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $56.50 price target on shares of Smartsheet in a research note on Thursday, October 24th. Wells Fargo & Company restated an “equal weight” rating and issued a $57.00 target price on shares of Smartsheet in a research note on Tuesday, September 24th. Citigroup reaffirmed a “neutral” rating and set a $56.50 price target (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. William Blair reissued a “market perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Morgan Stanley raised their target price on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th.

Check Out Our Latest Research Report on Smartsheet

Smartsheet Stock Up 0.0 %

Shares of SMAR stock opened at $56.01 on Monday. Smartsheet has a 12-month low of $35.52 and a 12-month high of $56.55. The firm has a fifty day moving average of $56.03 and a 200-day moving average of $50.86. The company has a market capitalization of $7.84 billion, a price-to-earnings ratio of -933.50, a P/E/G ratio of 82.24 and a beta of 0.71.

Smartsheet declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total value of $197,726.27. Following the transaction, the insider now directly owns 9,958 shares in the company, valued at approximately $551,374.46. This represents a 26.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total transaction of $276,750.00. Following the transaction, the chief executive officer now directly owns 583,762 shares in the company, valued at $32,311,226.70. This represents a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,692 shares of company stock valued at $3,727,309. Company insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Institutional investors have recently modified their holdings of the stock. Zacks Investment Management acquired a new position in Smartsheet in the third quarter valued at about $4,551,000. Assenagon Asset Management S.A. boosted its holdings in shares of Smartsheet by 169.3% in the 2nd 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 in the last quarter. Bailard Inc. bought a new position in Smartsheet in the second quarter valued at about $3,435,000. Verition Fund Management LLC grew its holdings in shares of 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 purchasing an additional 296,314 shares during the last quarter. Finally, Maven Securities LTD bought a new stake in shares of Smartsheet during the third quarter worth $3,875,000. 90.01% of the stock is currently owned by institutional investors.

About Smartsheet

(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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