Royal Bank of Canada Boosts Smartsheet (NYSE:SMAR) Price Target to $56.50

Smartsheet (NYSE:SMAR) had its price objective boosted by Royal Bank of Canada from $51.00 to $56.50 in a research note published on Wednesday, Benzinga reports. The firm currently has a sector perform rating on the stock.

SMAR has been the topic of several other reports. Morgan Stanley lifted their target price on Smartsheet from $55.00 to $57.00 and gave the stock an overweight rating in a report on Friday, September 6th. Wells Fargo & Company reiterated an equal weight rating and issued a $57.00 target price on shares of Smartsheet in a report on Tuesday. Canaccord Genuity Group raised their price target on shares of Smartsheet from $52.00 to $60.00 and gave the stock a buy rating in a report on Friday, September 6th. Needham & Company LLC reaffirmed a hold rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Tuesday. Finally, Guggenheim lifted their target price on shares of Smartsheet from $60.00 to $62.00 and gave the stock a buy rating in a research note on Friday, September 6th. One research 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. Based on data from MarketBeat, Smartsheet currently has an average rating of Hold and an average price target of $55.82.

Smartsheet Stock Performance

Shares of NYSE:SMAR opened at $55.34 on Wednesday. The company has a market capitalization of $7.66 billion, a PE ratio of -89.25 and a beta of 0.74. Smartsheet has a 52-week low of $35.52 and a 52-week high of $55.60. The company has a fifty day moving average of $49.32 and a 200-day moving average of $43.52.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The firm 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 revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.23) EPS. On average, equities analysts forecast that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has approved 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 reacquire up to 2.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the transaction, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Jolene Lau Marshall sold 3,994 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction dated 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 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 90 days, insiders have sold 35,157 shares of company stock worth $1,762,763. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently bought and sold shares of SMAR. Sei Investments Co. boosted its holdings in Smartsheet by 20.3% during the 1st 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 last quarter. CWM LLC lifted its position in shares of Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after purchasing an additional 13,621 shares in the last quarter. Capstone Investment Advisors LLC purchased a new position in Smartsheet during the first quarter worth about $1,512,000. Alberta Investment Management Corp bought a new stake in Smartsheet in the 4th quarter worth about $1,219,000. Finally, Sirios Capital Management L P purchased a new stake in Smartsheet in the 4th quarter valued at about $9,947,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

About Smartsheet

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.