Smartsheet (NYSE:SMAR) Stock Rating Reaffirmed by Needham & Company LLC

Smartsheet (NYSE:SMAR)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research report issued on Friday, Benzinga reports. They currently have a $57.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 9.05% from the company’s current price.

SMAR has been the subject of several other reports. Canaccord Genuity Group boosted their target price on shares of Smartsheet from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Wells Fargo & Company boosted their target price on shares of Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, June 6th. UBS Group upped their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Truist Financial restated a “buy” rating and set a $55.00 price objective on shares of Smartsheet in a research report on Monday, August 26th. Finally, Morgan Stanley upped their price objective on shares of Smartsheet from $53.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $55.06.

Smartsheet Price Performance

SMAR stock opened at $52.27 on Friday. The firm’s fifty day simple moving average is $47.00 and its 200-day simple moving average is $42.51. Smartsheet has a 12 month low of $35.52 and a 12 month high of $54.28. The company has a market capitalization of $7.23 billion, a P/E ratio of -84.31 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.15. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. The firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the previous year, the business posted ($0.23) EPS. The business’s revenue was up 17.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Smartsheet will post -0.21 earnings per share for the current year.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were 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 owns 17,100 shares of the company’s stock, valued at $823,878. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Stephen Robert Branstetter sold 4,174 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were 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 owns 68,067 shares of the company’s stock, valued at $2,988,821.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were 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 approximately $823,878. The disclosure for this sale can be found here. Insiders sold 32,929 shares of company stock valued at $1,446,805 over the last 90 days. 4.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

Hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet in the second quarter valued at about $25,000. Versant Capital Management Inc purchased a new stake in shares of Smartsheet in the second quarter valued at about $31,000. Banque Cantonale Vaudoise purchased a new stake in shares of Smartsheet in the first quarter valued at about $29,000. First Horizon Advisors Inc. grew its holdings in shares of Smartsheet by 37.5% in the second 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 period. Finally, Plato Investment Management Ltd purchased a new stake in shares of Smartsheet in the first quarter valued at about $35,000. 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.