Smartsheet Inc (NYSE:SMAR) Receives $55.82 Average PT from Analysts

Smartsheet Inc (NYSE:SMAR) has received a consensus recommendation of “Hold” from the twenty ratings firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, seventeen have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $55.82.

Several research firms recently issued reports on SMAR. Jefferies Financial Group reiterated a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Citigroup reiterated a “neutral” rating and issued a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. BMO Capital Markets restated a “market perform” rating and set a $56.50 price objective (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Morgan Stanley lifted their target price on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the transaction, the insider now directly owns 18,695 shares of the company’s stock, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $55.35, for a total value of $276,750.00. Following the completion of the transaction, the chief executive officer now directly owns 583,762 shares in the company, valued at $32,311,226.70. This represents a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,692 shares of company stock worth $3,727,309 over the last ninety days. 4.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Smartsheet

A number of hedge funds have recently added to or reduced their stakes in SMAR. Eminence Capital LP increased its stake in Smartsheet by 9.2% in the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after purchasing an additional 358,988 shares in the last quarter. State Street Corp grew its stake in shares of Smartsheet by 6.2% in the 3rd quarter. State Street Corp now owns 2,492,949 shares of the company’s stock valued at $138,010,000 after buying an additional 146,353 shares during the period. Geode Capital Management LLC increased its position in Smartsheet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company’s stock valued at $123,545,000 after buying an additional 52,293 shares in the last quarter. RGM Capital LLC raised its stake in Smartsheet by 7.6% during the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after buying an additional 156,817 shares during the period. Finally, Marshall Wace LLP boosted its holdings in Smartsheet by 40.9% in the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $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 Stock Up 0.0 %

SMAR opened at $56.01 on Monday. Smartsheet has a twelve month low of $35.52 and a twelve month high of $56.55. The stock has a market capitalization of $7.84 billion, a price-to-earnings ratio of -933.50, a P/E/G ratio of 82.24 and a beta of 0.71. The company has a 50-day simple moving average of $56.03 and a 200 day simple moving average of $50.67.

Smartsheet announced that its Board of Directors has authorized a stock repurchase plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management 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.