Smartsheet’s (SMAR) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Smartsheet (NYSE:SMAR) in a research note published on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $57.00 target price on the stock.

A number of other equities research analysts also recently weighed in on the stock. DA Davidson dropped their price target on shares of Smartsheet from $65.00 to $55.00 and set a buy rating for the company in a research report on Friday, March 15th. Wells Fargo & Company dropped their price target on shares of Smartsheet from $55.00 to $47.00 and set an overweight rating for the company in a research report on Friday, March 15th. UBS Group lowered their price objective on shares of Smartsheet from $60.00 to $54.00 and set a buy rating for the company in a research report on Friday, March 15th. Barclays lowered their price objective on shares of Smartsheet from $50.00 to $40.00 and set an equal weight rating for the company in a research report on Friday, March 15th. Finally, KeyCorp started coverage on shares of Smartsheet in a research report on Thursday, March 21st. They set a sector weight rating for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $51.75.

Smartsheet Stock Up 0.0 %

Shares of SMAR stock opened at $44.29 on Thursday. 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 price of $39.10 and a two-hundred day moving average price of $42.37. The company has a market capitalization of $6.09 billion, a PE ratio of -71.43 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.17. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.42%. The company had revenue of $256.95 million during the quarter, compared to the consensus estimate of $254.99 million. As a group, research analysts expect that Smartsheet will post -0.25 EPS for the current year.

Insider Buying and Selling

In related news, CFO Pete Godbole sold 5,202 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total value of $218,067.84. Following the sale, the chief financial officer now owns 44,346 shares of the company’s stock, valued at $1,858,984.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Pete Godbole sold 5,202 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total transaction of $218,067.84. Following the transaction, the chief financial officer now owns 44,346 shares of the company’s stock, valued at approximately $1,858,984.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 5,737 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total transaction of $219,268.14. Following the transaction, the chief operating officer now directly owns 67,801 shares in the company, valued at approximately $2,591,354.22. The disclosure for this sale can be found here. Insiders have sold a total of 28,770 shares of company stock valued at $1,132,791 over the last 90 days. 4.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently made changes to their positions in SMAR. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet during the 1st quarter worth approximately $29,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Smartsheet during the 4th quarter worth approximately $33,000. Plato Investment Management Ltd bought a new position in shares of Smartsheet during the 1st quarter worth approximately $35,000. Allworth Financial LP lifted its position in shares of Smartsheet by 2,503.4% during the 4th quarter. Allworth Financial LP now owns 755 shares of the company’s stock worth $36,000 after buying an additional 726 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its position in shares of Smartsheet by 24.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after buying an additional 360 shares in the last quarter. 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.