Smartsheet’s (SMAR) “Neutral” Rating Reaffirmed at UBS Group

Smartsheet (NYSE:SMAR)‘s stock had its “neutral” rating restated by stock analysts at UBS Group in a note issued to investors on Thursday, MarketBeat Ratings reports. They presently have a $56.50 price target on the stock, down from their prior price target of $61.00. UBS Group’s target price would indicate a potential upside of 2.11% from the company’s previous close.

Several other brokerages have also recently issued reports on SMAR. Jefferies Financial Group reissued a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Tuesday. Royal Bank of Canada upped their price target on shares of Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a research report on Wednesday. Wells Fargo & Company reissued an “equal weight” rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Tuesday. Needham & Company LLC restated a “hold” rating and set a $57.00 target price on shares of Smartsheet in a research note on Tuesday. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Performance

Shares of SMAR stock opened at $55.34 on Thursday. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of -89.25 and a beta of 0.74. Smartsheet has a one year low of $35.52 and a one year high of $55.60. The company’s 50-day moving average is $49.32 and its 200 day moving average is $43.52.

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

Smartsheet announced that its board has initiated a share buyback plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were 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 approximately $714,203.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at $2,965,968. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The disclosure for this sale can be found here. Insiders sold 35,157 shares of company stock worth $1,762,763 over the last 90 days. 4.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Smartsheet

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

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.