Smartsheet (NYSE:SMAR) Rating Reiterated by JPMorgan Chase & Co.

Smartsheet (NYSE:SMAR)‘s stock had its “neutral” rating reiterated by equities researchers at JPMorgan Chase & Co. in a research note issued on Tuesday, Benzinga reports. They presently have a $56.50 target price on the stock, down from their prior target price of $60.00. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 1.88% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the company. DA Davidson restated a “buy” rating and issued a $55.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. Wells Fargo & Company lifted their price objective 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 price target on shares of Smartsheet in a report on Friday, September 6th. Morgan Stanley lifted their price target on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, Citigroup raised their target price on Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $56.32.

Smartsheet Trading Up 6.5 %

Shares of SMAR traded up $3.37 on Tuesday, reaching $55.46. 28,244,982 shares of the company’s stock traded hands, compared to its average volume of 1,679,150. The stock’s 50 day simple moving average is $48.76 and its two-hundred day simple moving average is $43.25. Smartsheet has a 52-week low of $35.52 and a 52-week high of $55.56. The stock has a market cap of $7.67 billion, a PE ratio of -89.45 and a beta of 0.74.

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

Smartsheet declared that its Board of Directors has approved a share repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the sale, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the sale, the insider now directly owns 16,567 shares in the company, valued at approximately $714,203.37. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Stephen Robert Branstetter sold 4,272 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the transaction, 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. Insiders have sold a total of 39,429 shares of company stock valued at $1,952,525 over the last three months. 4.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Smartsheet

Several hedge funds and other institutional investors have recently modified their holdings of SMAR. First Horizon Advisors Inc. grew its holdings in shares of Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the period. Amalgamated Bank lifted its position in Smartsheet by 3.5% during the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock valued at $383,000 after buying an additional 294 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Smartsheet by 24.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock valued at $70,000 after buying an additional 360 shares in the last quarter. Washington Capital Management Inc. lifted its position in Smartsheet by 2.1% during the 2nd quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock valued at $872,000 after acquiring an additional 400 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after acquiring an additional 402 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.