Smartsheet (NYSE:SMAR) Cut to Neutral at Guggenheim

Guggenheim downgraded shares of Smartsheet (NYSE:SMAR) from a buy rating to a neutral rating in a research report released on Monday, Marketbeat.com reports.

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

Smartsheet Stock Performance

SMAR stock opened at $55.85 on Monday. The firm has a market cap of $7.76 billion, a P/E ratio of -180.16 and a beta of 0.74. Smartsheet has a 1 year low of $35.52 and a 1 year high of $56.55. The stock has a 50-day simple moving average of $54.55 and a 200-day simple moving average of $47.60.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same period in the previous year, the company earned ($0.23) earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, equities research analysts predict that Smartsheet will post -0.05 EPS for the current year.

Smartsheet declared that its board has initiated a stock buyback plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other news, CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the completion of the sale, the chief executive officer now directly owns 578,762 shares of the company’s stock, valued at $32,439,610.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the completion of the sale, the chief executive officer now directly owns 578,762 shares of the company’s stock, valued at $32,439,610.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the transaction, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,989 shares of company stock valued at $2,068,874. Corporate insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Several hedge funds have recently made changes to their positions in SMAR. International Assets Investment Management LLC acquired a new position in shares of Smartsheet in the 2nd quarter valued at about $25,000. Brooklyn Investment Group acquired a new position in Smartsheet in the 3rd quarter valued at approximately $28,000. Versant Capital Management Inc purchased a new stake in Smartsheet in the 2nd quarter worth approximately $31,000. Raleigh Capital Management Inc. acquired a new stake in shares of Smartsheet during the 3rd quarter valued at $31,000. Finally, Waldron Private Wealth LLC purchased a new position in shares of Smartsheet during the 3rd quarter valued at $33,000. 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.