Smartsheet (NYSE:SMAR) Rating Reiterated by Truist Financial

Truist Financial reissued their hold rating on shares of Smartsheet (NYSE:SMAR) in a research report released on Wednesday, MarketBeat reports. They currently have a $56.50 price target on the stock, down from their previous price target of $60.00.

A number of other research firms also recently commented on SMAR. William Blair reissued a market perform rating on shares of Smartsheet in a report on Wednesday. Canaccord Genuity Group reissued a hold rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday. Needham & Company LLC reaffirmed a hold rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Tuesday, September 24th. Morgan Stanley boosted their target price on Smartsheet from $55.00 to $57.00 and gave the stock an overweight rating in a research report on Friday, September 6th. Finally, DA Davidson restated a neutral rating and issued a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One equities research 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, Smartsheet currently has an average rating of Hold and a consensus price target of $55.82.

Smartsheet Price Performance

SMAR opened at $55.34 on Wednesday. Smartsheet has a 12 month low of $35.52 and a 12 month high of $55.60. The stock has a market capitalization of $7.66 billion, a P/E ratio of -89.26 and a beta of 0.74. The business has a 50 day simple moving average of $49.46 and a 200-day simple moving average of $43.61.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. Smartsheet’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.23) earnings per share. Research analysts anticipate that Smartsheet will post -0.05 EPS for the current year.

Smartsheet declared that its board has authorized a share repurchase plan on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Smartsheet

In other news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Mark Patrick Mader sold 20,000 shares of the company’s 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 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 filing with the SEC, which is available at this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,157 shares of company stock valued at $1,762,763. Company insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

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

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.