Smartsheet (NYSE:SMAR) Given “Equal Weight” Rating at Wells Fargo & Company

Wells Fargo & Company restated their equal weight rating on shares of Smartsheet (NYSE:SMAR) in a research note issued to investors on Tuesday, Marketbeat reports. They currently have a $57.00 price objective on the stock.

SMAR has been the subject of a number of other reports. Jefferies Financial Group reiterated a hold rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday. Guggenheim increased their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the company a buy rating in a research report on Friday, September 6th. Needham & Company LLC reiterated a buy rating and issued a $57.00 target price on shares of Smartsheet in a research note on Friday, September 6th. Morgan Stanley upped their price target on shares of Smartsheet from $55.00 to $57.00 and gave the company an overweight rating in a research note on Friday, September 6th. Finally, Barclays lifted their price objective on shares of Smartsheet from $45.00 to $50.00 and gave the stock an equal weight rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $56.21.

Smartsheet Stock Down 0.1 %

Shares of Smartsheet stock opened at $55.33 on Tuesday. The company has a market cap of $7.69 billion, a P/E ratio of -89.24 and a beta of 0.74. The firm’s 50 day moving average price is $49.17 and its 200-day moving average price is $43.43. Smartsheet has a 52-week low of $35.52 and a 52-week high of $55.60.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same period in the previous year, the company earned ($0.23) earnings per share. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, equities research analysts forecast that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has approved a stock repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the company’s 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 sale, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Mark Patrick Mader sold 20,000 shares of the business’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 value 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,994 shares of the company’s 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 directly owns 16,567 shares of the company’s stock, valued at $714,203.37. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,157 shares of company stock worth $1,762,763. 4.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMAR. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Smartsheet during the second quarter worth about $92,000. Sanctuary Advisors LLC acquired a new stake in Smartsheet in the 2nd quarter valued at about $1,122,000. Quarry LP boosted its holdings in shares of Smartsheet by 541.6% during the 2nd quarter. Quarry LP now owns 7,218 shares of the company’s stock worth $318,000 after purchasing an additional 6,093 shares during the last quarter. Clearline Capital LP grew its position in shares of Smartsheet by 145.5% in 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 in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Smartsheet in the second quarter valued at approximately $6,400,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Smartsheet Company Profile

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.