Smartsheet (NYSE:SMAR) Given “Buy” Rating at Needham & Company LLC

Smartsheet (NYSE:SMAR)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $57.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 50.95% from the company’s current price.

SMAR has been the subject of several other research reports. Oppenheimer decreased their price objective on Smartsheet from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Royal Bank of Canada reduced their target price on shares of Smartsheet from $48.00 to $36.00 and set a “sector perform” rating for the company in a research note on Friday, March 15th. Morgan Stanley dropped their price target on shares of Smartsheet from $56.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Jefferies Financial Group reduced their price objective on shares of Smartsheet from $57.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, DA Davidson dropped their target price on Smartsheet from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.19.

Smartsheet Stock Up 0.4 %

SMAR opened at $37.76 on Thursday. Smartsheet has a twelve month low of $35.52 and a twelve month high of $52.81. The company’s 50-day moving average price is $38.87 and its two-hundred day moving average price is $42.32. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of -47.80 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.17. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. The business had revenue of $256.95 million for the quarter, compared to the consensus estimate of $254.99 million. As a group, sell-side analysts anticipate that Smartsheet will post -0.43 earnings per share for the current year.

Insider Activity

In related news, CFO Pete Godbole sold 10,129 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $38.67, for a total value of $391,688.43. Following the completion of the transaction, the chief financial officer now directly owns 44,346 shares in the company, valued at $1,714,859.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Stephen Robert Branstetter sold 5,737 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $38.22, for a total value of $219,268.14. Following the completion of the sale, the chief operating officer now directly owns 67,801 shares in the company, valued at approximately $2,591,354.22. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Pete Godbole sold 10,129 shares of the stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $38.67, for a total transaction of $391,688.43. Following the transaction, the chief financial officer now directly owns 44,346 shares in the company, valued at approximately $1,714,859.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,770 shares of company stock worth $1,132,791. 4.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Smartsheet

Several institutional investors have recently added to or reduced their stakes in SMAR. Cetera Advisors LLC purchased a new stake in Smartsheet during the 1st quarter valued at about $219,000. Swedbank AB purchased a new stake in shares of Smartsheet during the first quarter valued at approximately $38,388,000. Washington Harbour Partners LP grew its holdings in shares of Smartsheet by 1.1% in the first quarter. Washington Harbour Partners LP now owns 93,034 shares of the company’s stock worth $3,582,000 after purchasing an additional 1,000 shares during the last quarter. Plato Investment Management Ltd purchased a new position in shares of Smartsheet in the first quarter worth $35,000. Finally, Invenomic Capital Management LP raised its holdings in Smartsheet by 80.3% during the 1st quarter. Invenomic Capital Management LP now owns 569,528 shares of the company’s stock valued at $21,927,000 after buying an additional 253,598 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

About Smartsheet

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.