Smartsheet (NYSE:SMAR) Receives Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Smartsheet (NYSE:SMAR) in a research note published on Thursday, Benzinga reports. The brokerage currently has a $56.50 price objective on the stock.

Several other equities research analysts have also weighed in on SMAR. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Canaccord Genuity Group reissued a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Finally, Barclays raised their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $55.82.

Smartsheet Trading Up 0.3 %

Smartsheet stock traded up $0.19 on Thursday, reaching $56.50. 1,516,041 shares of the stock were exchanged, compared to its average volume of 2,113,210. The stock has a market cap of $7.82 billion, a PE ratio of -90.82 and a beta of 0.75. The firm has a fifty day moving average price of $52.59 and a two-hundred day moving average price of $45.75. Smartsheet has a twelve month low of $35.52 and a twelve month high of $56.54.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the prior year, the business earned ($0.23) earnings per share. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. Equities analysts anticipate that Smartsheet will post -0.05 EPS for the current fiscal year.

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

Insider Buying and Selling at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares in the company, valued at $823,878. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the sale, the insider now owns 17,100 shares of the company’s stock, valued at approximately $823,878. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,730 shares of company stock worth $1,968,866. 4.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. AMI Asset Management Corp purchased a new stake in shares of Smartsheet during the 1st quarter worth approximately $3,990,000. Van ECK Associates Corp purchased a new stake in Smartsheet in the first quarter worth $2,043,000. Smith Group Asset Management LLC raised its stake in shares of Smartsheet by 57.6% in the first quarter. Smith Group Asset Management LLC now owns 10,400 shares of the company’s stock valued at $400,000 after buying an additional 3,800 shares during the period. Capstone Investment Advisors LLC purchased a new position in shares of Smartsheet during the 1st quarter valued at $1,512,000. Finally, Coronation Fund Managers Ltd. lifted its position in shares of Smartsheet by 44.2% during the 1st quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock valued at $59,683,000 after buying an additional 474,898 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Smartsheet Company Profile

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.