Smartsheet Inc (NYSE:SMAR) Receives $55.82 Average Price Target from Brokerages

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

A number of brokerages recently weighed in on SMAR. Canaccord Genuity Group lowered shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. UBS Group reiterated a “neutral” rating and issued a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. William Blair reissued a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Truist Financial reaffirmed a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Canaccord Genuity Group reissued a “hold” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th.

Insiders Place Their Bets

In related news, CEO Mark Patrick Mader sold 47,916 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $55.96, for a total value of $2,681,379.36. Following the completion of the transaction, the chief executive officer now directly owns 624,356 shares of the company’s stock, valued at $34,938,961.76. This trade represents a 7.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $55.37, for a total transaction of $197,726.27. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,692 shares of company stock valued at $3,727,309. 4.52% of the stock is currently owned by insiders.

Institutional Trading of Smartsheet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Synovus Financial Corp boosted its holdings in shares of Smartsheet by 4.1% in the 3rd quarter. Synovus Financial Corp now owns 11,854 shares of the company’s stock valued at $656,000 after acquiring an additional 471 shares during the last quarter. Tidal Investments LLC boosted its holdings in Smartsheet by 38.4% in the third quarter. Tidal Investments LLC now owns 30,337 shares of the company’s stock valued at $1,679,000 after purchasing an additional 8,424 shares during the last quarter. Virtu Financial LLC acquired a new stake in Smartsheet during the 3rd quarter worth about $695,000. Geode Capital Management LLC raised its stake in shares of Smartsheet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company’s stock valued at $123,545,000 after buying an additional 52,293 shares during the last quarter. Finally, Vestcor Inc acquired a new position in shares of Smartsheet in the 3rd quarter valued at about $3,928,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Performance

NYSE:SMAR opened at $55.96 on Monday. The stock has a fifty day simple moving average of $56.02 and a 200-day simple moving average of $50.51. The company has a market cap of $7.83 billion, a price-to-earnings ratio of -932.67, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71. Smartsheet has a twelve month low of $35.52 and a twelve month high of $56.55.

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