Smartsheet Inc (NYSE:SMAR) Given Average Recommendation of “Hold” by Brokerages

Smartsheet Inc (NYSE:SMAR) has earned an average recommendation of “Hold” from the twenty ratings firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, seventeen have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $55.82.

A number of analysts have commented on SMAR shares. Morgan Stanley upped their price target on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Needham & Company LLC restated a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th. Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. BMO Capital Markets restated a “market perform” rating and set a $56.50 price target (down from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, DA Davidson reiterated a “neutral” rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th.

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $55.35, for a total value of $276,750.00. Following the transaction, the chief executive officer now directly owns 583,762 shares of the company’s stock, valued at approximately $32,311,226.70. The trade was a 0.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the sale, the insider now owns 9,958 shares of the company’s stock, valued at $551,374.46. This trade represents a 26.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,692 shares of company stock worth $3,727,309 in the last 90 days. Insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

Several institutional investors and hedge funds have recently bought and sold shares of SMAR. Brooklyn Investment Group purchased a new position in shares of Smartsheet during the 3rd quarter valued at $28,000. Raleigh Capital Management Inc. purchased a new stake in Smartsheet during the third quarter valued at about $31,000. International Assets Investment Management LLC bought a new position in Smartsheet during the second quarter worth about $25,000. Waldron Private Wealth LLC purchased a new position in shares of Smartsheet in the third quarter worth about $33,000. Finally, Farther Finance Advisors LLC raised its position in shares of Smartsheet by 123.2% in the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock valued at $40,000 after purchasing an additional 398 shares during the period. 90.01% of the stock is owned by institutional investors.

Smartsheet Stock Performance

NYSE:SMAR opened at $56.01 on Monday. Smartsheet has a 52 week low of $35.52 and a 52 week high of $56.55. The firm’s fifty day moving average is $56.03 and its 200-day moving average is $50.86. The firm has a market cap of $7.84 billion, a P/E ratio of -933.50, a P/E/G ratio of 82.24 and a beta of 0.71.

Smartsheet declared that its board has approved a stock buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.