Smartsheet (NYSE:SMAR) PT Raised to $56.50 at Royal Bank of Canada

Smartsheet (NYSE:SMAR) had its price objective upped by analysts at Royal Bank of Canada from $51.00 to $56.50 in a report issued on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 2.11% from the stock’s current price.

A number of other equities analysts have also weighed in on the stock. Canaccord Genuity Group boosted their price target on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. UBS Group increased their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, August 29th. William Blair reiterated a “market perform” rating on shares of Smartsheet in a report on Wednesday. Guggenheim increased their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Needham & Company LLC reiterated a “hold” rating and issued a $57.00 price objective on shares of Smartsheet in a report on Tuesday. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Smartsheet currently has an average rating of “Hold” and a consensus price target of $56.21.

Smartsheet Trading Down 0.1 %

Shares of SMAR opened at $55.33 on Wednesday. Smartsheet has a 12 month low of $35.52 and a 12 month high of $55.60. The firm has a market cap of $7.69 billion, a P/E ratio of -89.24 and a beta of 0.74. The stock’s 50 day moving average is $49.17 and its two-hundred day moving average is $43.43.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (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 company had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the previous year, the firm posted ($0.23) EPS. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. Equities research analysts forecast that Smartsheet will post -0.05 EPS for the current year.

Smartsheet declared that its board has initiated 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 generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of the business’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 sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was 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 in the company, valued at $714,203.37. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,157 shares of company stock valued at $1,762,763. Corporate insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Large investors have recently bought and sold shares of the stock. International Assets Investment Management LLC acquired a new position in shares of Smartsheet during the second quarter worth about $25,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet during the 1st quarter worth approximately $29,000. Versant Capital Management Inc acquired a new position in Smartsheet during the 2nd quarter worth approximately $31,000. Plato Investment Management Ltd purchased a new stake in shares of Smartsheet in the 1st quarter valued at approximately $35,000. Finally, First Horizon Advisors Inc. lifted its position 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 purchasing an additional 244 shares during the last quarter. Hedge funds and other 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.