Smartsheet (NYSE:SMAR) Price Target Raised to $56.50

Smartsheet (NYSE:SMAR) had its target price lifted by analysts at Barclays from $50.00 to $56.50 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price would suggest a potential upside of 2.11% from the stock’s current price.

Several other equities analysts have also recently commented on SMAR. Wells Fargo & Company reiterated an “equal weight” rating and set a $57.00 target price on shares of Smartsheet in a research note on Tuesday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday. Royal Bank of Canada lifted their target price on Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a research report on Wednesday. DA Davidson reaffirmed a “neutral” rating and issued a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a report on Tuesday. Finally, Morgan Stanley lifted their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $56.21.

Smartsheet Price Performance

SMAR stock opened at $55.33 on Wednesday. The stock has a market capitalization of $7.69 billion, a price-to-earnings ratio of -89.24 and a beta of 0.74. The company has a 50-day moving average of $49.17 and a two-hundred day moving average of $43.43. Smartsheet has a 52-week low of $35.52 and a 52-week high of $55.60.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating 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 firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same quarter in the prior year, the company earned ($0.23) EPS. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. Equities analysts expect that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its Board of Directors has initiated a share repurchase 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 leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares in the company, valued at $714,203.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction 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 completion of the sale, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. The disclosure for this sale can be found here. Insiders sold 35,157 shares of company stock worth $1,762,763 in the last quarter. 4.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

Several institutional investors have recently modified their holdings of SMAR. Swedbank AB acquired a new stake in Smartsheet during the first quarter worth approximately $38,388,000. Granahan Investment Management LLC increased its stake in shares of Smartsheet by 908.1% in the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after purchasing an additional 937,483 shares during the last quarter. AQR Capital Management LLC raised its stake in 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 acquiring an additional 881,004 shares in the last quarter. Engaged Capital LLC bought a new stake in shares of Smartsheet during the second quarter worth $29,600,000. Finally, Marshall Wace LLP increased its holdings in Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after purchasing an additional 533,278 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

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.