Smartsheet (NYSE:SMAR) PT Raised to $62.00

Smartsheet (NYSE:SMAR) had its target price increased by equities researchers at Guggenheim from $60.00 to $62.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price objective points to a potential upside of 18.61% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Truist Financial raised their target price on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday. Barclays raised their price objective on shares of Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday. BMO Capital Markets boosted their target price on Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday. Royal Bank of Canada raised their price target on Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a report on Friday. Finally, Canaccord Genuity Group upped their price objective on Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.06.

Smartsheet Stock Up 5.9 %

NYSE SMAR opened at $52.27 on Friday. The firm has a market cap of $7.23 billion, a P/E ratio of -84.31 and a beta of 0.74. Smartsheet has a 52-week low of $35.52 and a 52-week high of $54.28. The business’s 50-day moving average price is $47.00 and its 200 day moving average price is $42.51.

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

Insider Buying and Selling

In other Smartsheet news, CFO Pete Godbole sold 7,500 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $43.54, for a total transaction of $326,550.00. Following the completion of the transaction, the chief financial officer now directly owns 36,846 shares in the company, valued at approximately $1,604,274.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Stephen Robert Branstetter sold 4,174 shares of the business’s 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 completion of the transaction, the chief operating officer now directly owns 68,067 shares of the company’s stock, valued at $2,988,821.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Pete Godbole sold 7,500 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $43.54, for a total value of $326,550.00. Following the sale, the chief financial officer now directly owns 36,846 shares in the company, valued at approximately $1,604,274.84. The disclosure for this sale can be found here. Insiders have sold 32,929 shares of company stock worth $1,446,805 in the last three months. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. raised its position in shares of Smartsheet by 20.3% in the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after buying an additional 24,823 shares during the last quarter. Norges Bank purchased a new stake in Smartsheet in the 4th quarter worth approximately $68,879,000. CWM LLC raised its holdings in Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after acquiring an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC purchased a new position in shares of Smartsheet during the 1st quarter worth $1,512,000. Finally, Alberta Investment Management Corp purchased a new position in shares of Smartsheet during the 4th quarter worth $1,219,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.