Smartsheet (NYSE:SMAR) Earns “Buy” Rating from Truist Financial

Truist Financial restated their buy rating on shares of Smartsheet (NYSE:SMAR) in a research note issued to investors on Monday morning, Benzinga reports. Truist Financial currently has a $55.00 price objective on the stock.

Other equities analysts have also issued reports about the company. Morgan Stanley lifted their price objective on Smartsheet from $53.00 to $55.00 and gave the company an overweight rating in a research note on Tuesday, August 20th. UBS Group boosted their price objective on shares of Smartsheet from $54.00 to $56.00 and gave the stock a buy rating in a research note on Thursday, June 6th. BMO Capital Markets increased their price objective on shares of Smartsheet from $42.00 to $48.00 and gave the stock an outperform rating in a research report on Thursday, June 6th. Royal Bank of Canada lifted their target price on shares of Smartsheet from $36.00 to $43.00 and gave the company a sector perform rating in a report on Thursday, June 6th. Finally, Guggenheim reiterated a buy rating and issued a $56.00 price target on shares of Smartsheet in a report on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $52.12.

Smartsheet Stock Performance

Shares of SMAR stock opened at $49.73 on Monday. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of -80.21 and a beta of 0.74. Smartsheet has a one year low of $35.52 and a one year high of $50.38. The company has a 50 day moving average price of $45.80 and a 200 day moving average price of $42.25.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Wednesday, June 5th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. The business had revenue of $262.98 million during the quarter, compared to the consensus estimate of $258.06 million. As a group, equities analysts forecast that Smartsheet will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares in the company, valued at approximately $714,203.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Stephen Robert Branstetter sold 4,174 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 68,067 shares in the company, valued at approximately $2,988,821.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the transaction, the insider now owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,929 shares of company stock worth $1,446,805. Insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

A number of institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC bought a new stake in shares of Smartsheet during the 2nd quarter valued at about $25,000. Versant Capital Management Inc bought a new position in shares of Smartsheet during the second quarter valued at approximately $31,000. Banque Cantonale Vaudoise acquired a new stake in shares of Smartsheet during the 1st quarter worth approximately $29,000. First Horizon Advisors Inc. lifted its holdings in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd acquired a new position in Smartsheet during the 1st quarter valued at approximately $35,000. 90.01% of the stock is owned by institutional investors and hedge funds.

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.