Smartsheet Inc (NYSE:SMAR) Receives $55.06 Consensus PT from Analysts

Shares of Smartsheet Inc (NYSE:SMAR) have received an average rating of “Moderate Buy” from the seventeen ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $55.06.

Several equities research analysts recently commented on the stock. Guggenheim upped their price target on shares of Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, September 6th. UBS Group raised their target price on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. DA Davidson reissued a “buy” rating and set a $55.00 price target on shares of Smartsheet in a research report on Friday, September 6th. Truist Financial raised their price objective on Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Royal Bank of Canada upped their target price on Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a report on Friday, September 6th.

Smartsheet Stock Performance

NYSE SMAR opened at $51.04 on Friday. The stock has a market capitalization of $7.06 billion, a P/E ratio of -82.32 and a beta of 0.74. The business’s fifty day moving average is $47.46 and its two-hundred day moving average is $42.71. Smartsheet has a 1 year low of $35.52 and a 1 year high of $54.28.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 4.42% and a negative net margin of 4.07%. Smartsheet’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.23) EPS. On average, research analysts forecast that Smartsheet will post -0.21 earnings per share for the current year.

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

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction dated 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. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares in the company, valued at $823,878. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Pete Godbole sold 7,244 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $41.22, for a total transaction of $298,597.68. Following the completion of the transaction, the chief financial officer now owns 30,786 shares in the company, valued at $1,268,998.92. The disclosure for this sale can be found here. Insiders have sold 21,255 shares of company stock valued at $936,975 over the last three months. 4.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Smartsheet

Hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new position in Smartsheet during the second quarter valued at about $1,122,000. Quarry LP grew its holdings in shares of Smartsheet by 541.6% during the 2nd quarter. Quarry LP now owns 7,218 shares of the company’s stock worth $318,000 after purchasing an additional 6,093 shares in the last quarter. Clearline Capital LP raised its stake in shares of Smartsheet by 145.5% in the second quarter. Clearline Capital LP now owns 207,906 shares of the company’s stock valued at $9,164,000 after purchasing an additional 123,204 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Smartsheet in the second quarter worth $6,400,000. Finally, Scientech Research LLC acquired a new stake in Smartsheet during the second quarter worth $591,000. 90.01% of the stock is owned by institutional investors.

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.