Smartsheet’s (SMAR) Peer Perform Rating Reiterated at Wolfe Research

Wolfe Research restated their peer perform rating on shares of Smartsheet (NYSE:SMAR) in a research note released on Wednesday morning, Marketbeat.com reports.

Other research analysts have also issued research reports about the stock. Barclays boosted their target price on shares of Smartsheet from $50.00 to $56.50 and gave the stock an equal weight rating in a research report on Wednesday. Jefferies Financial Group reissued a hold rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. Wells Fargo & Company restated an equal weight rating and set a $57.00 target price on shares of Smartsheet in a research note on Tuesday. Guggenheim lifted their price target on Smartsheet from $60.00 to $62.00 and gave the stock a buy rating in a research report on Friday, September 6th. Finally, Royal Bank of Canada upped their price target on Smartsheet from $51.00 to $56.50 and gave the stock a sector perform rating in a report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet presently has an average rating of Hold and a consensus target price of $55.82.

Smartsheet Stock Performance

Shares of NYSE SMAR opened at $55.34 on Wednesday. The business’s 50-day simple moving average is $49.32 and its 200-day simple moving average is $43.52. Smartsheet has a 52 week low of $35.52 and a 52 week high of $55.60. The firm has a market cap of $7.66 billion, a price-to-earnings ratio of -89.25 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate 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 company had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same quarter last year, the company posted ($0.23) earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, equities research analysts forecast that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has authorized a stock repurchase 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at $3,403,395. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,157 shares of company stock worth $1,762,763. Company insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Smartsheet by 1.7% in the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares in the last quarter. Eminence Capital LP lifted its position in Smartsheet by 9.2% during the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after buying an additional 358,988 shares in the last quarter. Dorsal Capital Management LP grew its holdings in Smartsheet by 4.0% during the 4th quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock worth $154,220,000 after acquiring an additional 125,000 shares during the last quarter. RGM Capital LLC increased its position in Smartsheet by 7.6% in the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after acquiring an additional 156,817 shares in the last quarter. Finally, Marshall Wace LLP increased its position in 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 acquiring an additional 533,278 shares in the last quarter. 90.01% of the stock is currently 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.