Smartsheet gains after announcing stock buyback plans

Smartsheet

22/04/2024 15:06

** Shares of cloud software seller Smartsheet  SMAR.N  up
2.1% at $37.59 on Mon, on course to snap 2-session losing
streak, as it plans to buy back stock
    ** Co late Fri announced $150 mln share repurchase program,
saying program has no minimum purchase commitment and may extend
over a period of approx 12 months
    ** SMAR has ~137.4 mln shares outstanding for ~$5.2 bln
market cap, per LSEG data
    ** On Mar 15, SMAR's shares closed down ~7% at $37.52 after
its current qtr rev forecast missed consensus at a time when
peers Salesforce  CRM.N  and Snowflake  SNOW.N  signaled tech
spending slowdown as customers grapple with an uncertain economy
    ** With move on the session, SMAR's shares down ~22% YTD
    ** 16 of 20 analysts rate stock "buy" or "strong buy", 3
rate "hold" and 1 has "sell" recommendation; median PT of $50
down from $56.50 on Feb 22 - LSEG

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))