Smartsheet (NYSE:SMAR) Receives Market Perform Rating from William Blair

William Blair restated their market perform rating on shares of Smartsheet (NYSE:SMAR) in a research report report published on Wednesday morning, MarketBeat reports.

SMAR has been the subject of several other reports. Truist Financial lifted their price objective on Smartsheet from $55.00 to $60.00 and gave the stock a buy rating in a report on Friday, September 6th. Royal Bank of Canada raised their target price on shares of Smartsheet from $43.00 to $51.00 and gave the stock a sector perform rating in a report on Friday, September 6th. Morgan Stanley increased their price target on Smartsheet from $55.00 to $57.00 and gave the company an overweight rating in a report on Friday, September 6th. Citigroup lifted 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. Finally, Barclays raised their target price on Smartsheet from $45.00 to $50.00 and gave the stock an equal weight rating in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and an average target price of $55.82.

Smartsheet Price 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 -89.26 and a beta of 0.74. The business has a fifty day moving average price of $49.46 and a 200-day moving average price of $43.61. Smartsheet has a 1-year low of $35.52 and a 1-year high of $55.60.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million during 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%. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. During the same period last year, the business earned ($0.23) EPS. On average, sell-side analysts anticipate that Smartsheet will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its Board of Directors has initiated a share repurchase plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’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 in the company, valued at $30,486,096.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the firm’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 transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 sale, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. Insiders have sold a total of 35,157 shares of company stock worth $1,762,763 over the last quarter. Insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Sei Investments Co. boosted its stake 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 buying an additional 24,823 shares during the period. CWM LLC grew its holdings in Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after purchasing an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in Smartsheet in the 1st quarter worth about $1,512,000. Alberta Investment Management Corp purchased a new stake in Smartsheet in the 4th quarter worth about $1,219,000. Finally, Sirios Capital Management L P bought a new stake in Smartsheet in the fourth quarter worth about $9,947,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.