Smartsheet (NYSE:SMAR) Rating Reiterated by Wells Fargo & Company

Smartsheet (NYSE:SMAR)‘s stock had its “equal weight” rating reaffirmed by stock analysts at Wells Fargo & Company in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $57.00 price objective on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 2.78% from the company’s current price.

A number of other equities analysts also recently commented on the company. Morgan Stanley boosted their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. BMO Capital Markets upped their price objective on Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday, September 6th. UBS Group raised their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Barclays raised their price target on Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, September 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $57.00 price objective on shares of Smartsheet in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Smartsheet currently has a consensus rating of “Hold” and an average price target of $56.32.

Smartsheet Price Performance

NYSE:SMAR traded up $3.37 during midday trading on Tuesday, hitting $55.46. The company’s stock had a trading volume of 28,244,982 shares, compared to its average volume of 1,679,150. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $55.56. The firm has a market cap of $7.67 billion, a P/E ratio of -89.45 and a beta of 0.74. The firm’s 50 day moving average is $48.76 and its 200-day moving average is $43.25.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million during 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% on a year-over-year basis. During the same quarter last year, the firm earned ($0.23) earnings per share. As a group, analysts forecast that Smartsheet will post -0.05 EPS for the current year.

Smartsheet declared that its board has authorized a stock buyback plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Smartsheet news, 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 transaction of $189,762.24. Following the completion of the transaction, the chief operating officer now directly owns 63,795 shares in the company, valued at $2,833,773.90. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Stephen Robert Branstetter sold 4,272 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was 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. In the last ninety days, insiders sold 39,429 shares of company stock valued at $1,952,525. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in Smartsheet by 3.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after purchasing an additional 402 shares during the period. UBS Group AG boosted its stake in shares of Smartsheet by 59.9% in the 4th quarter. UBS Group AG now owns 181,234 shares of the company’s stock valued at $8,667,000 after purchasing an additional 67,878 shares in the last quarter. Advisory Services Network LLC increased its stake in Smartsheet by 21.5% in the 4th quarter. Advisory Services Network LLC now owns 6,682 shares of the company’s stock worth $320,000 after purchasing an additional 1,184 shares during the period. Artisan Partners Limited Partnership boosted its holdings in shares of Smartsheet by 34.0% during the fourth quarter. Artisan Partners Limited Partnership now owns 524,236 shares of the company’s stock worth $25,069,000 after purchasing an additional 133,153 shares during the period. Finally, Allianz Asset Management GmbH boosted its holdings in Smartsheet by 69.2% in the fourth quarter. Allianz Asset Management GmbH now owns 132,482 shares of the company’s stock valued at $6,335,000 after acquiring an additional 54,164 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

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.