Truist Financial Reaffirms “Hold” Rating for Smartsheet (NYSE:SMAR)

Truist Financial reiterated their hold rating on shares of Smartsheet (NYSE:SMAR) in a research note released on Wednesday morning, Marketbeat reports. Truist Financial currently has a $56.50 price objective on the stock, down from their prior price objective of $60.00.

A number of other analysts have also issued reports on the stock. Citigroup boosted their price target on shares of Smartsheet from $55.00 to $63.00 and gave the stock a buy rating in a research note on Friday, September 6th. Needham & Company LLC reissued a hold rating and issued a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. UBS Group boosted their price target on shares of Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a research note on Thursday, August 29th. BMO Capital Markets reiterated a market perform rating and issued a $56.50 price objective (down from $59.00) on shares of Smartsheet in a research note on Wednesday. Finally, Royal Bank of Canada boosted their target price on Smartsheet from $51.00 to $56.50 and gave the stock a sector perform rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $55.82.

Smartsheet Stock Performance

NYSE:SMAR opened at $55.34 on Wednesday. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $55.60. The company has a 50 day moving average price of $49.46 and a 200 day moving average price of $43.61. The stock has a market capitalization of $7.66 billion, a P/E ratio of -89.26 and a beta of 0.74.

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

Smartsheet announced that its board has authorized a share 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 buy up to 2.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the company’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 completion of the transaction, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the sale, the insider now directly owns 13,529 shares of the company’s stock, valued at $684,432.11. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,157 shares of company stock worth $1,762,763. 4.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Swedbank AB acquired a new stake in Smartsheet during the 1st quarter worth approximately $38,388,000. Granahan Investment Management LLC raised its stake in shares of Smartsheet by 908.1% during the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock worth $49,767,000 after purchasing an additional 937,483 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock worth $58,844,000 after purchasing an additional 881,004 shares during the last quarter. Engaged Capital LLC acquired a new stake in shares of Smartsheet during the second quarter worth $29,600,000. Finally, Marshall Wace LLP grew its position in Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after buying an additional 533,278 shares during the last quarter. 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.