Smartsheet (NYSE:SMAR) Downgraded by Guggenheim to Neutral

Smartsheet (NYSE:SMAR) was downgraded by Guggenheim from a “buy” rating to a “neutral” rating in a research report issued on Monday,Briefing.com Automated Import reports.

Several other analysts have also commented on SMAR. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Jefferies Financial Group reaffirmed a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Truist Financial restated a “hold” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $56.02 on Monday. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of -180.71 and a beta of 0.74. The business’s 50 day simple moving average is $54.24 and its 200-day simple moving average is $47.29. Smartsheet has a 12 month low of $35.52 and a 12 month high of $56.55.

Smartsheet (NYSE:SMAR) last posted 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 company had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same quarter in the prior year, the company earned ($0.23) earnings per share. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. On average, equities analysts anticipate that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has authorized a stock repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase up to 2.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the transaction, the insider now directly owns 17,100 shares in the company, valued at approximately $823,878. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred on Monday, September 16th. The stock was 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 approximately $3,403,395. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now owns 17,100 shares in the company, valued at $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,730 shares of company stock valued at $2,249,116. 4.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SMAR. SG Americas Securities LLC boosted its position in Smartsheet by 250.1% during the 1st quarter. SG Americas Securities LLC now owns 15,630 shares of the company’s stock valued at $602,000 after purchasing an additional 11,166 shares during the period. Swiss National Bank lifted its position in Smartsheet by 1.1% in the 1st quarter. Swiss National Bank now owns 255,700 shares of the company’s stock valued at $9,844,000 after purchasing an additional 2,700 shares during the last quarter. Sei Investments Co. boosted its stake in Smartsheet by 20.3% during the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after purchasing an additional 24,823 shares during the period. Entropy Technologies LP acquired a new position in Smartsheet during the 1st quarter valued at about $990,000. Finally, State Board of Administration of Florida Retirement System increased its stake in shares of Smartsheet by 5.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 128,873 shares of the company’s stock valued at $4,962,000 after purchasing an additional 6,260 shares during the period. 90.01% of the stock is currently owned by 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.