Smartsheet Inc (NYSE:SMAR) Receives Average Recommendation of “Hold” from Brokerages

Shares of Smartsheet Inc (NYSE:SMAR) have been given a consensus rating of “Hold” by the twenty research firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, sixteen have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $55.82.

SMAR has been the topic of a number of research reports. Needham & Company LLC restated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. BMO Capital Markets restated a “market perform” rating and set a $56.50 price target (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. William Blair restated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Finally, Truist Financial reaffirmed a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th.

Insiders Place Their Bets

In other news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction on 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 sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the sale, the chief operating officer now owns 61,791 shares of the company’s stock, valued at $2,965,968. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction on Thursday, September 19th. The shares were 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 in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,157 shares of company stock valued at $1,762,763. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. First Horizon Advisors Inc. lifted its stake in shares of Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares in the last quarter. Amalgamated Bank lifted its stake in shares of Smartsheet by 3.5% during the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after purchasing an additional 294 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Smartsheet by 24.6% during the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after purchasing an additional 360 shares in the last quarter. Washington Capital Management Inc. lifted its stake in shares of Smartsheet by 2.1% during the second quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock worth $872,000 after purchasing an additional 400 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after acquiring an additional 402 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Performance

SMAR opened at $55.35 on Wednesday. Smartsheet has a one year low of $35.52 and a one year high of $55.60. The company has a market cap of $7.69 billion, a P/E ratio of -89.27 and a beta of 0.74. The business’s 50-day simple moving average is $49.73 and its 200-day simple moving average is $43.87.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating 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 quarter in the prior year, the business posted ($0.23) EPS. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, analysts predict that Smartsheet will post -0.05 earnings per share for the current fiscal year.

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

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.