Smartsheet Inc (NYSE:SMAR) Receives $55.06 Average Target Price from Analysts

Smartsheet Inc (NYSE:SMAR) has been assigned an average rating of “Moderate Buy” from the seventeen ratings firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $55.06.

SMAR has been the topic of several research reports. UBS Group boosted their target price on Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Barclays increased their target price on shares of Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. Wells Fargo & Company lifted their price target on shares of Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, June 6th. Canaccord Genuity Group increased their price objective on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, BMO Capital Markets raised their price objective on Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, September 6th.

Smartsheet Stock Up 3.3 %

Shares of SMAR stock opened at $52.25 on Friday. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of -84.27 and a beta of 0.74. Smartsheet has a 12-month low of $35.52 and a 12-month high of $54.28. The firm has a fifty day moving average of $47.77 and a 200-day moving average of $42.84.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.15. The business had revenue of $276.41 million during the quarter, compared to analyst estimates 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 period in the previous year, the firm earned ($0.23) EPS. Research analysts expect that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has authorized a stock repurchase program on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CFO Pete Godbole sold 7,244 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $41.22, for a total transaction of $298,597.68. Following the completion of the transaction, the chief financial officer now owns 30,786 shares of the company’s stock, valued at $1,268,998.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Pete Godbole sold 7,244 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $41.22, for a total transaction of $298,597.68. Following the sale, the chief financial officer now owns 30,786 shares of the company’s stock, valued at approximately $1,268,998.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the sale, the chief operating officer now directly owns 63,795 shares in the company, valued at $2,833,773.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,255 shares of company stock valued at $936,975. 4.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

Large investors have recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in Smartsheet during the second quarter worth approximately $25,000. Banque Cantonale Vaudoise bought a new stake in shares of Smartsheet in the 1st quarter valued at $29,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet in the 2nd quarter valued at $31,000. Plato Investment Management Ltd acquired a new position in shares of Smartsheet during the 1st quarter valued at $35,000. Finally, First Horizon Advisors Inc. boosted its stake in 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 acquiring an additional 244 shares in the last quarter. 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.