Smartsheet (NYSE:SMAR) Rating Reiterated by DA Davidson

Smartsheet (NYSE:SMAR)‘s stock had its “neutral” rating reiterated by stock analysts at DA Davidson in a report issued on Tuesday, Benzinga reports. They presently have a $56.50 price target on the stock, up from their previous price target of $55.00. DA Davidson’s target price suggests a potential upside of 1.88% from the stock’s current price.

Several other brokerages have also weighed in on SMAR. Morgan Stanley increased their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Truist Financial raised their price target on shares of Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Barclays lifted their target price on shares of Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, September 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. Finally, BMO Capital Markets upped their price objective on shares of Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday, September 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $56.32.

Smartsheet Stock Performance

Shares of NYSE:SMAR traded up $3.37 on Tuesday, hitting $55.46. 28,244,982 shares of the company were exchanged, compared to its average volume of 1,679,150. The company’s 50 day moving average price is $48.76 and its two-hundred day moving average price is $43.25. Smartsheet has a one year low of $35.52 and a one year high of $55.56. The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of -89.45 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. Research analysts predict that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has initiated a stock buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Smartsheet

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 17,100 shares in the company, valued at $823,878. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s 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 owns 64,215 shares of the company’s stock, valued at $3,403,395. The disclosure for this sale can be found here. Insiders have sold 39,429 shares of company stock valued at $1,952,525 in the last ninety days. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SMAR. International Assets Investment Management LLC acquired a new stake in Smartsheet in the second quarter valued at approximately $25,000. Banque Cantonale Vaudoise purchased a new position in Smartsheet during the first quarter worth approximately $29,000. Versant Capital Management Inc purchased a new stake in Smartsheet in the second quarter valued at $31,000. Plato Investment Management Ltd purchased a new stake in Smartsheet in the first quarter valued at $35,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after buying an additional 244 shares during the period. 90.01% of the stock is currently 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.