Smartsheet (NYSE:SMAR) Stock Rating Reaffirmed by Jefferies Financial Group

Smartsheet (NYSE:SMAR)‘s stock had its “hold” rating reissued by research analysts at Jefferies Financial Group in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $56.50 price target on the stock, down from their prior price target of $60.00. Jefferies Financial Group’s price objective suggests a potential upside of 1.88% from the company’s current price.

Several other equities analysts also recently issued reports on the stock. Wells Fargo & Company increased their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, June 6th. JPMorgan Chase & Co. restated a “neutral” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday. Morgan Stanley upped their price target on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Guggenheim boosted their target price on Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Canaccord Genuity Group lifted their price objective on shares of Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Smartsheet presently has a consensus rating of “Hold” and a consensus target price of $56.32.

Smartsheet Stock Up 6.5 %

NYSE:SMAR traded up $3.37 during mid-day trading on Tuesday, reaching $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 1 year low of $35.52 and a 1 year high of $55.56. The stock has a fifty day moving average of $48.76 and a 200-day moving average of $43.25. The firm has a market capitalization of $7.67 billion, a PE ratio of -89.45 and a beta of 0.74.

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

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

Insiders Place Their Bets

In other news, CEO Mark Patrick Mader sold 20,000 shares of the business’s 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 completion of the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The disclosure for this sale can be found here. In the last three months, insiders sold 39,429 shares of company stock valued at $1,952,525. Company insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SMAR. Sei Investments Co. boosted its holdings in Smartsheet by 20.3% in the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after purchasing an additional 24,823 shares during the period. CWM LLC grew its position in Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after buying an additional 13,621 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of Smartsheet during the 1st quarter valued at $1,512,000. Alberta Investment Management Corp bought a new stake in Smartsheet in the fourth quarter worth about $1,219,000. Finally, Sirios Capital Management L P acquired a new position in Smartsheet in the fourth quarter worth approximately $9,947,000. 90.01% of the stock is currently owned by 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.