** Shares of cloud software seller Smartsheet 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 and Snowflake 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))
Comments