Smartsheet (NYSE:SMAR) Downgraded by BMO Capital Markets

BMO Capital Markets cut shares of Smartsheet (NYSE:SMAR) from a strong-buy rating to a hold rating in a research report report published on Tuesday, Zacks.com reports.

Several other equities analysts have also recently issued reports on the stock. William Blair reiterated a market perform rating on shares of Smartsheet in a research note on Wednesday. UBS Group increased their target price on shares of Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a research note on Thursday, August 29th. Morgan Stanley lifted their price target on Smartsheet from $55.00 to $57.00 and gave the company an overweight rating in a research note on Friday, September 6th. DA Davidson reiterated a neutral rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday. Finally, Barclays raised their price objective on Smartsheet from $50.00 to $56.50 and gave the company an equal weight rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $55.82.

Smartsheet Trading Up 0.0 %

Shares of NYSE:SMAR opened at $55.34 on Tuesday. Smartsheet has a twelve month low of $35.52 and a twelve month high of $55.60. The company has a market cap of $7.66 billion, a PE ratio of -89.25 and a beta of 0.74. The company’s 50 day moving average is $49.32 and its 200 day moving average is $43.52.

Smartsheet (NYSE:SMAR) last announced 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 company had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the firm earned ($0.23) EPS. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. Equities research analysts predict that Smartsheet will post -0.05 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Smartsheet

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Swedbank AB purchased a new position in shares of Smartsheet during the first quarter worth about $38,388,000. Granahan Investment Management LLC boosted its position in shares of Smartsheet by 908.1% in the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after purchasing an additional 937,483 shares during the period. AQR Capital Management LLC grew its stake in Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after buying an additional 881,004 shares during the last quarter. Engaged Capital LLC acquired a new position in Smartsheet during the second quarter worth approximately $29,600,000. Finally, Marshall Wace LLP lifted its stake in Smartsheet by 40.9% in the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after buying an additional 533,278 shares during the last quarter. 90.01% of the stock is 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.