Smartsheet (NYSE:SMAR) Price Target Increased to $59.00 by Analysts at BMO Capital Markets

Smartsheet (NYSE:SMAR) had its target price lifted by BMO Capital Markets from $48.00 to $59.00 in a research note issued to investors on Friday morning, MarketBeat reports. The firm currently has an outperform rating on the stock.

Other equities analysts have also issued reports about the stock. UBS Group raised their target price on shares of Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a report on Thursday, August 29th. Canaccord Genuity Group lifted their price objective 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. 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. Guggenheim reiterated a buy rating and issued a $56.00 price target on shares of Smartsheet in a research note on Tuesday, June 25th. Finally, Wells Fargo & Company boosted their price target on Smartsheet from $47.00 to $50.00 and gave the stock an overweight rating in a report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Smartsheet presently has an average rating of Moderate Buy and a consensus price target of $55.06.

Smartsheet Trading Up 5.9 %

Shares of SMAR stock opened at $52.28 on Friday. The stock has a market cap of $7.23 billion, a P/E ratio of -84.32 and a beta of 0.74. Smartsheet has a 1 year low of $35.52 and a 1 year high of $54.28. The stock has a 50 day simple moving average of $47.00 and a 200 day simple moving average of $42.52.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share 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 firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period in the prior year, the company posted ($0.23) EPS. The company’s revenue was up 17.3% compared to the same quarter last year. Analysts forecast that Smartsheet will post -0.21 EPS for the current year.

Insider Buying and Selling

In related news, CFO Pete Godbole sold 7,244 shares of Smartsheet stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $41.22, for a total value of $298,597.68. Following the transaction, the chief financial officer now directly owns 30,786 shares of the company’s stock, valued at $1,268,998.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Pete Godbole sold 7,244 shares of Smartsheet stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $41.22, for a total transaction of $298,597.68. Following the completion of the transaction, the chief financial officer now owns 30,786 shares of the company’s stock, valued at $1,268,998.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen Robert Branstetter sold 4,174 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $43.91, for a total transaction of $183,280.34. Following the sale, the chief operating officer now directly owns 68,067 shares in the company, valued at approximately $2,988,821.97. The disclosure for this sale can be found here. Insiders sold a total of 32,929 shares of company stock valued at $1,446,805 in the last three months. Insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC raised its position in shares of Smartsheet by 4,386.0% during the fourth quarter. International Assets Investment Management LLC now owns 27,544 shares of the company’s stock worth $1,317,000 after purchasing an additional 26,930 shares during the period. Truist Financial Corp bought a new stake in Smartsheet during the 4th quarter worth approximately $236,000. Victory Capital Management Inc. raised its stake in shares of Smartsheet by 24.7% in the fourth quarter. Victory Capital Management Inc. now owns 17,393 shares of the company’s stock worth $832,000 after purchasing an additional 3,444 shares during the last quarter. M&T Bank Corp purchased a new position in Smartsheet during the 4th quarter worth $204,000. Finally, Charles Schwab Investment Management Inc. grew its position in Smartsheet by 3.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,201,506 shares of the company’s stock worth $57,456,000 after purchasing an additional 41,285 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.