Smartsheet Inc (NYSE:SMAR) Given Average Recommendation of “Hold” by Analysts

Smartsheet Inc (NYSE:SMAR) has been assigned an average recommendation of “Hold” from the twenty research firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $55.82.

Several brokerages recently commented on SMAR. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $56.50 price objective on shares of Smartsheet in a research note on Thursday, October 24th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a research note on Tuesday, September 24th. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Morgan Stanley raised their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th.

Insider Buying and Selling

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the sale, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. This trade represents a 3.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jolene Lau Marshall sold 3,205 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the sale, the insider now 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 disclosure for this sale can be found here. Insiders have sold 42,194 shares of company stock worth $2,248,098 in the last quarter. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Large investors have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new position in Smartsheet in the 2nd quarter worth approximately $25,000. Brooklyn Investment Group bought a new position in Smartsheet in the 3rd quarter valued at $28,000. Versant Capital Management Inc bought a new position in Smartsheet in the 2nd quarter valued at $31,000. Raleigh Capital Management Inc. bought a new position in Smartsheet in the 3rd quarter valued at $31,000. Finally, Waldron Private Wealth LLC bought a new position in Smartsheet in the 3rd quarter valued at $33,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Stock Up 0.1 %

NYSE:SMAR opened at $56.00 on Thursday. Smartsheet has a 12-month low of $35.52 and a 12-month high of $56.55. The firm has a market capitalization of $7.78 billion, a P/E ratio of -180.65 and a beta of 0.74. The stock’s fifty day simple moving average is $55.60 and its 200-day simple moving average is $48.86.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) 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 business had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the company earned ($0.23) EPS. The firm’s revenue was up 17.3% on a year-over-year basis. As a group, equities research analysts expect that Smartsheet will post -0.05 earnings per share for the current year.

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