Smartsheet’s (SMAR) “Hold” Rating Reaffirmed at Canaccord Genuity Group

by · The Markets Daily

Canaccord Genuity Group reaffirmed their hold rating on shares of Smartsheet (NYSE:SMAR – Free Report) in a report issued on Wednesday, Benzinga reports. The firm currently has a $56.50 target price on the stock, down from their previous target price of $60.00.

A number of other equities research analysts also recently commented on SMAR. UBS Group raised their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a research report on Thursday, August 29th. Barclays raised their price target on Smartsheet from $45.00 to $50.00 and gave the company an equal weight rating in a report on Friday, September 6th. Citigroup upped their price objective on Smartsheet from $55.00 to $63.00 and gave the stock a buy rating in a report on Friday, September 6th. Wells Fargo & Company reissued an equal weight rating and issued a $57.00 target price on shares of Smartsheet in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. reaffirmed a neutral rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. One 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 MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $55.82.

Read Our Latest Research Report on Smartsheet

Smartsheet Stock Performance

Shares of NYSE:SMAR opened at $55.34 on Wednesday. Smartsheet has a one year low of $35.52 and a one year high of $55.60. The stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of -89.26 and a beta of 0.74. The company has a 50-day simple moving average of $49.46 and a 200-day simple moving average of $43.61.

Smartsheet (NYSE:SMAR – Get Free Report) last released its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $274.23 million. During the same quarter in the previous year, the company posted ($0.23) earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, research analysts forecast that Smartsheet will post -0.05 EPS for the current fiscal year.

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

Insider Activity at Smartsheet

In other news, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the transaction, the chief operating officer now directly owns 61,791 shares of the company’s stock, valued at approximately $2,965,968. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the sale, the insider now owns 17,100 shares in the company, valued at $823,878. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total value of $96,192.00. Following the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at approximately $2,965,968. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,157 shares of company stock valued at $1,762,763. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Smartsheet during the 2nd quarter worth $92,000. Sanctuary Advisors LLC bought a new position in shares of Smartsheet in the second quarter valued at approximately $1,122,000. Quarry LP increased its stake in shares of Smartsheet by 541.6% in the second quarter. Quarry LP now owns 7,218 shares of the company’s stock valued at $318,000 after buying an additional 6,093 shares in the last quarter. Clearline Capital LP grew its stake in shares of Smartsheet by 145.5% during the second quarter. Clearline Capital LP now owns 207,906 shares of the company’s stock valued at $9,164,000 after purchasing an additional 123,204 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Smartsheet during the second quarter valued at $6,400,000. 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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