Smartsheet (NYSE:SMAR) Cut to “Hold” at BMO Capital Markets

BMO Capital Markets downgraded shares of Smartsheet (NYSE:SMAR) from a strong-buy rating to a hold rating in a research note published on Tuesday, Zacks.com reports.

Several other research analysts have also recently issued reports on SMAR. Guggenheim increased their price objective on Smartsheet from $60.00 to $62.00 and gave the stock a buy rating in a research report on Friday, September 6th. 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. Wells Fargo & Company reiterated an equal weight rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Tuesday. UBS Group upped their target price on shares of Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a research report on Thursday, August 29th. Finally, Truist Financial reaffirmed a hold rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Wednesday. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $55.82.

Smartsheet Trading Up 0.0 %

NYSE:SMAR opened at $55.34 on Tuesday. Smartsheet has a 12-month low of $35.52 and a 12-month high of $55.60. The stock’s 50 day simple moving average is $49.32 and its 200-day simple moving average is $43.52. The firm has a market cap of $7.66 billion, a P/E ratio of -89.25 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned ($0.23) EPS. Research analysts forecast that Smartsheet will post -0.05 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, 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 transaction of $1,035,600.00. Following the transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’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 owns 588,762 shares in the company, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,157 shares of company stock valued at $1,762,763. 4.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

A number of institutional investors have recently made changes to their positions in SMAR. International Assets Investment Management LLC acquired a new stake in shares of Smartsheet in the 2nd quarter valued at about $25,000. Banque Cantonale Vaudoise bought a new position in Smartsheet during the 1st quarter worth approximately $29,000. Versant Capital Management Inc acquired a new position in shares of Smartsheet in the 2nd quarter worth approximately $31,000. Plato Investment Management Ltd acquired a new position in shares of Smartsheet in the 1st quarter worth approximately $35,000. Finally, First Horizon Advisors Inc. increased its holdings in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

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.