William Blair Reaffirms Market Perform Rating for Smartsheet (NYSE:SMAR)

by · The Markets Daily

William Blair reiterated their market perform rating on shares of Smartsheet (NYSE:SMAR – Free Report) in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports.

Other equities research analysts have also issued research reports about the stock. Morgan Stanley boosted their price target on shares of Smartsheet from $55.00 to $57.00 and gave the company an overweight rating in a report on Friday, September 6th. Jefferies Financial Group reissued a hold rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Needham & Company LLC restated a hold rating and set a $57.00 target price on shares of Smartsheet in a report on Tuesday, September 24th. Barclays lifted 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. Finally, JPMorgan Chase & Co. reissued a neutral rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One 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. According to MarketBeat.com, Smartsheet has a consensus rating of Hold and an average target price of $55.82.

Check Out Our Latest Stock Analysis on SMAR

Smartsheet Price Performance

SMAR stock opened at $55.34 on Wednesday. Smartsheet has a 12 month low of $35.52 and a 12 month high of $55.60. The firm’s 50-day moving average is $49.46 and its 200 day moving average is $43.61. The company has a market capitalization of $7.66 billion, a PE ratio of -89.26 and a beta of 0.74.

Smartsheet (NYSE:SMAR – Get Free Report) last issued its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 17.3% compared to the same quarter last year. During the same period last year, the company posted ($0.23) earnings per share. Sell-side analysts forecast that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its Board of Directors has authorized a share repurchase plan on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were 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 $30,486,096.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction on Friday, July 5th. The shares were 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 $714,203.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now directly 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. Insiders sold a total of 35,157 shares of company stock worth $1,762,763 over the last three months. 4.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors have recently added to or reduced their stakes in SMAR. Sei Investments Co. raised its position in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after acquiring an additional 24,823 shares during the period. CWM LLC increased its stake in shares of Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after purchasing an additional 13,621 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in shares of Smartsheet during the first quarter worth about $1,512,000. Alberta Investment Management Corp acquired a new position in shares of Smartsheet during the 4th quarter worth about $1,219,000. Finally, Sirios Capital Management L P purchased a new position in Smartsheet in the 4th quarter valued at about $9,947,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

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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