Thu Sep 26 15:05:01 UTC 2024: ## Smartsheet Downgraded by BMO Capital Markets, Stock Remains “Hold”

**Seattle, WA -** Smartsheet (NYSE:SMAR), a leading provider of collaborative work management solutions, saw its stock rating downgraded from “strong-buy” to “hold” by analysts at BMO Capital Markets on Tuesday. This follows a mixed bag of recent research reports from other firms, including reaffirmations of “hold” ratings from Canaccord Genuity Group and Jefferies Financial Group, while UBS Group raised its price target and maintained a “buy” rating.

Despite the downgrade, Smartsheet has consistently exceeded analysts’ expectations in recent quarters. The company reported earnings per share (EPS) of $0.44 for the quarter ending September 5th, surpassing analysts’ consensus estimate of $0.29. Revenue also came in above expectations at $276.41 million, compared to the estimated $274.23 million.

The company’s strong financial performance is further underscored by its recent stock repurchase plan, which allows the company to buyback up to $150 million in outstanding shares. This move is often seen as a signal that company management believes its stock is undervalued.

However, the recent stock sales by company insiders, including CEO Mark Patrick Mader and COO Stephen Robert Branstetter, raise concerns. Insiders sold a total of 39,429 shares valued at $1,952,525 in the last quarter.

Hedge fund activity surrounding Smartsheet has been mixed. While some funds, including Point72 Asia Singapore Pte. Ltd., Sanctuary Advisors LLC, and Susquehanna Fundamental Investments LLC, have purchased new stakes in the company, others, like Quarry LP and Clearline Capital LP, have increased their existing holdings.

Despite the recent downgrade and insider selling, Smartsheet remains a company with a solid financial track record and a strong market position. The “hold” rating reflects the current market sentiment, which is cautious in light of recent economic uncertainty.

**Disclaimer:** This is an AI-generated news article based on the provided text. It is not intended as investment advice. Consult with a financial professional before making any investment decisions.

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