Smartsheet (NYSE:SMAR) PT Raised to $52.00

Smartsheet (NYSE:SMAR) had its price objective hoisted by analysts at Canaccord Genuity Group from $45.00 to $52.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 17.41% from the company’s previous close.

Several other equities analysts have also recently weighed in on SMAR. Morgan Stanley cut their price target on Smartsheet from $56.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, March 15th. DA Davidson reduced their price target on shares of Smartsheet from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Jefferies Financial Group lowered their price objective on shares of Smartsheet from $57.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, March 15th. UBS Group reduced their target price on shares of Smartsheet from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, BMO Capital Markets lowered their price target on shares of Smartsheet from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Smartsheet Stock Performance

SMAR stock opened at $44.29 on Thursday. The company’s fifty day moving average price is $39.10 and its 200-day moving average price is $42.35. Smartsheet has a one year low of $35.52 and a one year high of $49.42. The company has a market capitalization of $6.09 billion, a PE ratio of -71.43 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.17. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.42%. The business had revenue of $256.95 million for the quarter, compared to analysts’ expectations of $254.99 million. On average, research analysts predict that Smartsheet will post -0.43 EPS for the current fiscal year.

Insider Transactions at Smartsheet

In other Smartsheet news, CFO Pete Godbole sold 5,202 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total value of $218,067.84. Following the completion of the sale, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at approximately $1,858,984.32. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Smartsheet news, CFO Pete Godbole sold 5,202 shares of Smartsheet stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $41.92, for a total transaction of $218,067.84. Following the completion of the sale, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at approximately $1,858,984.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 5,737 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total value of $219,268.14. Following the transaction, the chief operating officer now directly owns 67,801 shares in the company, valued at approximately $2,591,354.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,770 shares of company stock worth $1,132,791. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Several hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in Smartsheet in the fourth quarter worth approximately $68,879,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Smartsheet by 256.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,522 shares of the company’s stock valued at $7,294,000 after acquiring an additional 109,786 shares during the period. Moody National Bank Trust Division bought a new position in shares of Smartsheet in the 4th quarter worth $1,755,000. Lecap Asset Management Ltd. purchased a new stake in shares of Smartsheet during the 4th quarter worth $1,287,000. Finally, Alberta Investment Management Corp bought a new stake in Smartsheet during the fourth quarter valued at about $1,219,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Company Profile

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.