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

by · The Cerbat Gem

JPMorgan Chase & Co. reaffirmed their neutral rating on shares of Smartsheet (NYSE:SMAR – Free Report) in a report released on Tuesday morning, Benzinga reports. The brokerage currently has a $56.50 target price on the stock, down from their previous target price of $60.00.

Several other brokerages have also weighed in on SMAR. Needham & Company LLC restated a buy rating and issued a $57.00 price objective on shares of Smartsheet in a report on Friday, September 6th. BMO Capital Markets raised their price target on Smartsheet from $48.00 to $59.00 and gave the stock an outperform rating in a research report on Friday, September 6th. Barclays upped their price objective on Smartsheet from $45.00 to $50.00 and gave the company an equal weight rating in a report on Friday, September 6th. Citigroup raised their target price on Smartsheet from $55.00 to $63.00 and gave the stock a buy rating in a report on Friday, September 6th. Finally, Royal Bank of Canada boosted their target price on Smartsheet from $43.00 to $51.00 and gave the stock a sector perform rating in a research report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $55.82.

View Our Latest Research Report on SMAR

Smartsheet Stock Up 0.0 %

SMAR stock opened at $55.34 on Tuesday. Smartsheet has a twelve month low of $35.52 and a twelve month high of $55.60. The company has a market cap of $7.66 billion, a P/E ratio of -89.25 and a beta of 0.74. The business has a fifty day moving average of $49.32 and a 200-day moving average of $43.52.

Smartsheet (NYSE:SMAR – Get Free Report) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping 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 firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the previous year, the business posted ($0.23) EPS. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Smartsheet will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its board has initiated a share buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to reacquire 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.

Insiders Place Their Bets

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the sale, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,157 shares of company stock worth $1,762,763. Corporate insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several institutional investors and hedge funds have recently bought and sold shares of SMAR. International Assets Investment Management LLC acquired a new position in shares of Smartsheet in the second quarter valued at $25,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet in the 1st quarter valued at about $29,000. Versant Capital Management Inc acquired a new position in Smartsheet in the 2nd quarter valued at about $31,000. Plato Investment Management Ltd bought a new position in Smartsheet in the 1st quarter valued at about $35,000. Finally, First Horizon Advisors Inc. lifted its position in Smartsheet by 37.5% during the second 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 last quarter. Institutional investors own 90.01% of the company’s stock.

Smartsheet Company Profile

(Get Free Report)

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.

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