Wells Fargo & Company Reaffirms “Equal Weight” Rating for Smartsheet (NYSE:SMAR)

by · The Markets Daily

Wells Fargo & Company reiterated their equal weight rating on shares of Smartsheet (NYSE:SMAR – Free Report) in a research report sent to investors on Tuesday, Marketbeat Ratings reports. Wells Fargo & Company currently has a $57.00 price target on the stock.

Other equities analysts have also issued reports about the company. DA Davidson reissued a buy rating and set a $55.00 price target on shares of Smartsheet in a research note on Friday, September 6th. Royal Bank of Canada increased their target price on Smartsheet from $43.00 to $51.00 and gave the company a sector perform rating in a research report on Friday, September 6th. Guggenheim boosted their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a buy rating in a research report on Friday, September 6th. Canaccord Genuity Group increased their price objective on shares of Smartsheet from $52.00 to $60.00 and gave the company a buy rating in a research report on Friday, September 6th. Finally, BMO Capital Markets lifted their price objective on shares of Smartsheet from $48.00 to $59.00 and gave the stock an outperform rating in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $56.21.

View Our Latest Research Report on SMAR

Smartsheet Price Performance

Shares of SMAR opened at $55.33 on Tuesday. Smartsheet has a 1 year low of $35.52 and a 1 year high of $55.60. The company has a 50 day simple moving average of $49.17 and a two-hundred day simple moving average of $43.43. The firm has a market cap of $7.69 billion, a P/E ratio of -89.24 and a beta of 0.74.

Smartsheet (NYSE:SMAR – Get Free Report) last posted its 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. The company had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. Smartsheet’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the company posted ($0.23) earnings per share. On average, sell-side analysts anticipate that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has initiated a share buyback plan on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to buy up to 2.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction 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 sale, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related 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 transaction, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction 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 sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The disclosure for this sale can be found here. Insiders have sold 35,157 shares of company stock valued at $1,762,763 in the last quarter. 4.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Smartsheet

Several institutional investors have recently made changes to their positions in SMAR. International Assets Investment Management LLC purchased a new stake in Smartsheet in the second quarter worth about $25,000. Banque Cantonale Vaudoise purchased a new stake in shares of Smartsheet in the 1st quarter worth approximately $29,000. Versant Capital Management Inc bought a new position in shares of Smartsheet during the second quarter valued at approximately $31,000. Plato Investment Management Ltd purchased a new position in Smartsheet during the first quarter valued at approximately $35,000. Finally, First Horizon Advisors Inc. raised its stake in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after buying an additional 244 shares in the last quarter. Hedge funds and other 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.

Recommended Stories