UBS Group Reaffirms “Neutral” Rating for Smartsheet (NYSE:SMAR)

by · The Markets Daily

UBS Group reaffirmed their neutral rating on shares of Smartsheet (NYSE:SMAR – Free Report) in a research note issued to investors on Thursday morning, Marketbeat.com reports. UBS Group currently has a $56.50 price objective on the stock, down from their prior price objective of $61.00.

A number of other equities research analysts have also recently issued reports on SMAR. JPMorgan Chase & Co. reissued a neutral rating and set a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Truist Financial reissued a hold rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Wednesday. Wolfe Research reaffirmed a peer perform rating on shares of Smartsheet in a report on Wednesday. BMO Capital Markets reiterated a market perform rating and set a $56.50 price target (down from $59.00) on shares of Smartsheet in a research report on Wednesday. Finally, William Blair restated a market perform rating on shares of Smartsheet in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $55.82.

View Our Latest Stock Report on Smartsheet

Smartsheet Price Performance

Shares of NYSE SMAR opened at $55.34 on Thursday. The stock has a market capitalization of $7.66 billion, a PE ratio of -89.26 and a beta of 0.74. Smartsheet has a one year low of $35.52 and a one year high of $55.60. The business’s fifty day moving average price is $49.46 and its 200-day moving average price is $43.61.

Smartsheet (NYSE:SMAR – Get Free Report) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.29 by $0.15. The business had revenue of $276.41 million for 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 was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.23) earnings per share. As a group, equities analysts expect that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has initiated a share repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,157 shares of company stock valued at $1,762,763. Insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

A number of hedge funds and other institutional investors have recently modified their holdings of SMAR. PNC Financial Services Group Inc. grew its holdings in Smartsheet by 3.0% in 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 grew 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 worth $8,667,000 after buying an additional 67,878 shares during the last quarter. Advisory Services Network LLC increased its position in Smartsheet by 21.5% during the 4th quarter. Advisory Services Network LLC now owns 6,682 shares of the company’s stock valued at $320,000 after buying an additional 1,184 shares in the last quarter. Artisan Partners Limited Partnership increased its position in Smartsheet by 34.0% during the 4th quarter. Artisan Partners Limited Partnership now owns 524,236 shares of the company’s stock valued at $25,069,000 after buying an additional 133,153 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in Smartsheet by 69.2% during the fourth quarter. Allianz Asset Management GmbH now owns 132,482 shares of the company’s stock valued at $6,335,000 after buying an additional 54,164 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

About Smartsheet

(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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