Citigroup Reaffirms Neutral Rating on Smartsheet (NYSE:SMAR)

Smartsheet (NYSE:SMAR – Get a Free Report)Its stock had a “neutral” rating reissued by investment analysts at Citigroup in a report issued on Friday, Benzinga reports. They currently have a $56.50 target price on the stock, down from their previous price target of $63.00. Citigroup’s price target would indicate a potential upside of 2.08% from the company’s previous close.

SMAR has been the subject of a number of other reports. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Tuesday. Canaccord Genuity Group reiterated a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday. Guggenheim upped their target price on Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group restated a “neutral” rating and set a $56.50 price objective (down from $61.00) on shares of Smartsheet in a research report on Thursday. Finally, Wolfe Research reaffirmed an “outperform” rating on shares of Smartsheet in a research report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $55.82.

View the latest inventory analysis on Smartsheet

Smartsheet Price Performance

SMAR stock traded up $0.02 during trading on Friday, hitting $55.35. The stock had a trading volume of 2,328,995 shares, compared to its average volume of 1,890,805. The company’s 50-day moving average price is $49.17, and its two-hundred-day moving average price is $43.43. Smartsheet has a twelve month low of $35.52 and a twelve month high of $55.60. The stock has a market cap of $7.69 billion, a P/E ratio of -89.27 and a beta of 0.74.

Smartsheet (NYSE:SMAR – Get Free Report ) last posted 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. The firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 17.3% year over year. During the same period in the previous year, the company earned ($0.23) earnings per share. As a group, sell-side analysts expect Smartsheet to post -0.05 EPS for the current fiscal year.

Smartsheet declared that its board has approved a stock buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Stock buyback programs are usually an indication that company management believes its stock is undervalued.

Insider transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated 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 directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet 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 sale, the insider now directly owns 16,567 shares of the company’s stock, valued at $714,203.37. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,157 shares of company stock worth $1,762,763. 4.52% of shares are currently owned by company insiders.

Institutional investors weigh in on Smartsheet

Several institutional investors have recently added to or reduced their stakes in the business. Swedbank AB acquired a new stake in Smartsheet in the first quarter worth about $38,388,000. Granahan Investment Management LLC raised its position 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 buying an additional 937,483 shares during the last quarter. AQR Capital Management LLC boosted its stake in Smartsheet by 188.0% in the 2nd 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 shares in the last quarter. Engaged Capital LLC purchased a new stake in Smartsheet in the second quarter valued at $29,600,000. Finally, Marshall Wace LLP lifted its position in Smartsheet by 40.9% in the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after acquiring an additional 533,278 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s shares.

Smartsheet Company Profile

(Get a free report)

Smartsheet, Inc is committed to managing and automating collaborative work. Its platform offers solutions that remove obstacles to information capture, including a familiar and intuitive computing interface and easily customizable forms. The company was founded by W. Eric Browne, Maria Colacurcio, John D.

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