BUZZ-Smartsheet gains after announcing stock buyback plans

Reuters04-22

** 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))

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