Smartsheet (NYSE:SMAR) Given New $56.50 Price Target at Royal Bank of Canada

Smartsheet (NYSE:SMAR) had its target price boosted by analysts at Royal Bank of Canada from $51.00 to $56.50 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 1.88% from the company’s previous close.

Several other brokerages also recently issued reports on SMAR. Jefferies Financial Group reiterated a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Tuesday. Citigroup upped their price target on shares of Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Truist Financial increased their price objective on Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. Wells Fargo & Company restated an “equal weight” rating and issued a $57.00 price objective on shares of Smartsheet in a report on Tuesday. Finally, Canaccord Genuity Group increased their price objective on Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Smartsheet currently has an average rating of “Hold” and an average target price of $56.44.

Smartsheet Stock Performance

Shares of NYSE:SMAR opened at $55.46 on Wednesday. The company has a fifty day moving average of $48.97 and a 200-day moving average of $43.35. The company has a market capitalization of $7.71 billion, a PE ratio of -89.45 and a beta of 0.74. Smartsheet has a 52-week low of $35.52 and a 52-week high of $55.56.

Smartsheet (NYSE:SMAR) last announced 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. The company had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.23) earnings per share. On average, equities analysts forecast that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has approved a share buyback plan on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares in the company, valued at approximately $714,203.37. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,429 shares of company stock valued at $1,952,525. 4.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Smartsheet

Institutional investors and hedge funds have recently made changes to their positions in the business. Sei Investments Co. raised its holdings in shares of Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after acquiring an additional 24,823 shares during the last quarter. CWM LLC raised its holdings in shares of Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after acquiring an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of Smartsheet in the 1st quarter worth about $1,512,000. Alberta Investment Management Corp acquired a new stake in shares of Smartsheet in the 4th quarter worth about $1,219,000. Finally, Sirios Capital Management L P acquired a new stake in shares of Smartsheet in the 4th quarter worth about $9,947,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.