Smartsheet’s (SMAR) Hold Rating Reaffirmed at Jefferies Financial Group

Jefferies Financial Group restated their hold rating on shares of Smartsheet (NYSE:SMAR) in a report issued on Tuesday morning, Benzinga reports. They currently have a $56.50 price objective on the stock, down from their prior price objective of $60.00.

A number of other research firms have also recently issued reports on SMAR. DA Davidson reaffirmed a buy rating and issued a $55.00 price target on shares of Smartsheet in a report on Friday, September 6th. Canaccord Genuity Group raised their target price on Smartsheet from $52.00 to $60.00 and gave the stock a buy rating in a research note on Friday, September 6th. Wells Fargo & Company lifted their price target on Smartsheet from $47.00 to $50.00 and gave the stock an overweight rating in a research report on Thursday, June 6th. JPMorgan Chase & Co. reissued a neutral rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a report on Tuesday. Finally, BMO Capital Markets lifted their target price on Smartsheet from $48.00 to $59.00 and gave the stock an outperform rating in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet presently has a consensus rating of Hold and a consensus price target of $55.82.

Smartsheet Trading Up 0.0 %

Shares of SMAR opened at $55.34 on Tuesday. The firm has a market cap of $7.66 billion, a PE ratio of -89.25 and a beta of 0.74. Smartsheet has a 12 month low of $35.52 and a 12 month high of $55.60. The stock has a fifty day moving average price of $49.32 and a 200-day moving average price of $43.52.

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

Smartsheet announced that its board has initiated a stock repurchase program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the sale, the insider now owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Insiders have sold a total of 35,157 shares of company stock valued at $1,762,763 in the last ninety days. 4.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

Large investors have recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in shares of Smartsheet in the second quarter worth approximately $25,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet in the 1st quarter valued at $29,000. Versant Capital Management Inc purchased a new position in Smartsheet in the 2nd quarter valued at $31,000. Plato Investment Management Ltd acquired a new stake in Smartsheet during the 1st quarter worth $35,000. Finally, First Horizon Advisors Inc. boosted its stake in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

About Smartsheet

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.