Needham & Company LLC Reaffirms “Hold” Rating for Smartsheet (NYSE:SMAR)

Smartsheet (NYSE:SMAR)‘s stock had its “hold” rating reiterated by analysts at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports.

A number of other research firms have also issued reports on SMAR. Canaccord Genuity Group lowered shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Barclays raised their target price on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Jefferies Financial Group reiterated a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $55.82.

Smartsheet Trading Down 0.1 %

NYSE:SMAR opened at $56.07 on Friday. The company has a market capitalization of $7.79 billion, a P/E ratio of -934.50 and a beta of 0.71. Smartsheet has a 12 month low of $35.52 and a 12 month high of $56.55. The firm has a fifty day simple moving average of $55.93 and a 200-day simple moving average of $49.57.

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

Smartsheet announced that its board has approved a stock buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the sale, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $56.05, for a total transaction of $280,250.00. Following the sale, the chief executive officer now directly owns 578,762 shares of the company’s stock, valued at approximately $32,439,610.10. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,194 shares of company stock valued at $2,248,098 over the last quarter. 4.52% of the stock is currently owned by insiders.

Institutional Trading of Smartsheet

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Brooklyn Investment Group purchased a new position in Smartsheet in the third quarter worth approximately $28,000. Raleigh Capital Management Inc. acquired a new position in Smartsheet in the third quarter valued at about $31,000. International Assets Investment Management LLC acquired a new stake in shares of Smartsheet during the second quarter valued at about $25,000. Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet in the 3rd quarter valued at approximately $33,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Smartsheet by 123.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after acquiring an additional 398 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

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.