Smartsheet (NYSE:SMAR) PT Raised to $55.00

Smartsheet (NYSE:SMAR) had its target price hoisted by equities researchers at Morgan Stanley from $53.00 to $55.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 10.60% from the company’s previous close.

A number of other equities analysts also recently commented on the company. Guggenheim reiterated a “buy” rating and issued a $56.00 price target on shares of Smartsheet in a research note on Tuesday, June 25th. Canaccord Genuity Group increased their price objective on shares of Smartsheet from $45.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Needham & Company LLC reissued a “buy” rating and set a $57.00 target price on shares of Smartsheet in a research note on Thursday, June 6th. Barclays raised their price target on shares of Smartsheet from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, June 6th. Finally, UBS Group boosted their price objective on Smartsheet from $54.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.12.

Smartsheet Trading Up 0.2 %

NYSE SMAR opened at $49.73 on Tuesday. The company’s fifty day simple moving average is $45.34 and its 200-day simple moving average is $42.18. The stock has a market cap of $6.88 billion, a P/E ratio of -80.21 and a beta of 0.74. Smartsheet has a 52 week low of $35.52 and a 52 week high of $50.38.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Wednesday, June 5th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.06. The company had revenue of $262.98 million during the quarter, compared to analysts’ expectations of $258.06 million. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. On average, research analysts expect that Smartsheet will post -0.24 EPS for the current fiscal year.

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now owns 17,100 shares in the company, valued at $823,878. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares of the company’s stock, valued at $823,878. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Pete Godbole sold 7,244 shares of Smartsheet stock in a transaction dated 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 transaction, the chief financial officer now directly owns 30,786 shares in the company, valued at approximately $1,268,998.92. The disclosure for this sale can be found here. Insiders sold a total of 32,929 shares of company stock valued at $1,446,805 over the last ninety days. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

A number of large investors have recently made changes to their positions in SMAR. International Assets Investment Management LLC acquired a new stake in Smartsheet during the 2nd quarter valued at $25,000. Versant Capital Management Inc acquired a new position in shares of Smartsheet during the 2nd quarter worth $31,000. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet during the 1st quarter valued at $29,000. First Horizon Advisors Inc. lifted its stake in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new stake in Smartsheet during the 1st quarter valued at approximately $35,000. Institutional investors and hedge funds 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.