Truist Financial Reaffirms “Buy” Rating for Smartsheet (NYSE:SMAR)

Truist Financial reissued their buy rating on shares of Smartsheet (NYSE:SMAR) in a report issued on Monday, Benzinga reports. The firm currently has a $55.00 price target on the stock.

Several other equities research analysts have also recently issued reports on SMAR. Needham & Company LLC reissued a buy rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Thursday, June 6th. Wells Fargo & Company boosted their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the company an overweight rating in a research report on Thursday, June 6th. Morgan Stanley boosted their price objective on shares of Smartsheet from $53.00 to $55.00 and gave the company an overweight rating in a research report on Tuesday, August 20th. UBS Group boosted their price objective on shares of Smartsheet from $54.00 to $56.00 and gave the company a buy rating in a research report on Thursday, June 6th. Finally, Canaccord Genuity Group boosted their price objective on shares of Smartsheet from $45.00 to $52.00 and gave the company a buy rating in a research report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Smartsheet currently has a consensus rating of Moderate Buy and a consensus price target of $52.12.

Smartsheet Trading Down 1.8 %

Shares of NYSE:SMAR opened at $48.56 on Monday. The company has a market capitalization of $6.72 billion, a price-to-earnings ratio of -78.32 and a beta of 0.74. Smartsheet has a 12 month low of $35.52 and a 12 month high of $50.38. The firm’s 50-day moving average is $46.11 and its 200 day moving average is $42.30.

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

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, COO Stephen Robert Branstetter sold 2,004 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the sale, the chief operating officer now owns 61,791 shares of the company’s stock, valued at $2,965,968. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction that occurred 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 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. Insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMAR. International Assets Investment Management LLC increased its stake in Smartsheet by 4,386.0% during the 4th quarter. International Assets Investment Management LLC now owns 27,544 shares of the company’s stock valued at $1,317,000 after purchasing an additional 26,930 shares in the last quarter. Cerity Partners LLC acquired a new position in Smartsheet during the 4th quarter valued at approximately $205,000. CWM LLC increased its stake in Smartsheet by 40.8% during the 4th quarter. CWM LLC now owns 4,287 shares of the company’s stock valued at $205,000 after purchasing an additional 1,243 shares in the last quarter. Truist Financial Corp acquired a new position in Smartsheet during the 4th quarter valued at approximately $236,000. Finally, Russell Investments Group Ltd. increased its stake in Smartsheet by 2.4% during the 4th quarter. Russell Investments Group Ltd. now owns 215,058 shares of the company’s stock valued at $10,286,000 after purchasing an additional 5,057 shares in the last quarter. 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.