Smartsheet (NYSE:SMAR) Receives “Buy” Rating from Guggenheim

Smartsheet (NYSE:SMAR)‘s stock had its “buy” rating reaffirmed by equities researchers at Guggenheim in a report issued on Tuesday, Benzinga reports. They presently have a $56.00 price target on the stock. Guggenheim’s price objective would suggest a potential upside of 30.66% from the stock’s previous close.

Several other equities research analysts have also commented on SMAR. BMO Capital Markets upped their price target on shares of Smartsheet from $42.00 to $48.00 and gave the company an “outperform” rating in a report on Thursday, June 6th. Bank of America initiated coverage on shares of Smartsheet in a report on Monday, February 26th. They issued an “underperform” rating and a $45.00 price objective for the company. Canaccord Genuity Group lifted their price target on Smartsheet from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Needham & Company LLC reiterated a “buy” rating and set a $57.00 price target on shares of Smartsheet in a research report on Thursday, June 6th. Finally, Oppenheimer cut their price objective on Smartsheet from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet has a consensus rating of “Moderate Buy” and a consensus target price of $52.00.

Smartsheet Trading Up 1.2 %

SMAR opened at $42.86 on Tuesday. Smartsheet has a 12-month low of $35.52 and a 12-month high of $49.42. The firm has a 50 day moving average of $40.07 and a two-hundred day moving average of $42.28. The firm has a market capitalization of $5.93 billion, a PE ratio of -69.13 and a beta of 0.74.

Insider Transactions at Smartsheet

In related news, CFO Pete Godbole sold 7,244 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $41.22, for a total transaction of $298,597.68. Following the completion of the sale, the chief financial officer now owns 30,786 shares of the company’s stock, valued at approximately $1,268,998.92. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Smartsheet news, CFO Pete Godbole sold 7,244 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $41.22, for a total value of $298,597.68. Following the completion of the sale, the chief financial officer now directly owns 30,786 shares in the company, valued at approximately $1,268,998.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Stephen Robert Branstetter sold 4,174 shares of Smartsheet stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $43.91, for a total value of $183,280.34. Following the transaction, the chief operating officer now owns 68,067 shares in the company, valued at approximately $2,988,821.97. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,249 shares of company stock valued at $1,418,184. Corporate insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several hedge funds have recently made changes to their positions in SMAR. Cetera Advisors LLC acquired a new position in Smartsheet in the first quarter valued at approximately $219,000. Swedbank AB acquired a new position in shares of Smartsheet in the 1st quarter valued at $38,388,000. Washington Harbour Partners LP grew its holdings in shares of Smartsheet by 1.1% during the 1st 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 period. Plato Investment Management Ltd acquired a new stake in shares of Smartsheet during the 1st quarter worth about $35,000. Finally, Invenomic Capital Management LP raised its holdings in Smartsheet by 80.3% in 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 period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.