Smartsheet (NYSE:SMAR) Price Target Raised to $60.00 at Canaccord Genuity Group

Smartsheet (NYSE:SMAR) had its price objective upped by Canaccord Genuity Group from $52.00 to $60.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also commented on SMAR. DA Davidson restated a buy rating and issued a $55.00 price objective on shares of Smartsheet in a report on Friday. UBS Group raised their target price on Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a research note on Thursday, August 29th. Royal Bank of Canada lifted their price target on Smartsheet from $43.00 to $51.00 and gave the company a sector perform rating in a research report on Friday. Barclays increased their price objective on Smartsheet from $45.00 to $50.00 and gave the stock an equal weight rating in a report on Friday. Finally, 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 report on Thursday, June 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $55.06.

Smartsheet Stock Up 5.9 %

Shares of NYSE:SMAR opened at $52.28 on Friday. The company’s fifty day moving average is $47.00 and its 200 day moving average is $42.52. Smartsheet has a 52 week low of $35.52 and a 52 week high of $54.28. The stock has a market cap of $7.23 billion, a PE ratio of -84.32 and a beta of 0.74.

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 company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same quarter in the previous year, the company posted ($0.23) EPS. Smartsheet’s revenue for the quarter was up 17.3% on a year-over-year basis. Sell-side analysts anticipate that Smartsheet will post -0.21 EPS for the current year.

Insider Buying and Selling

In other 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 value of $96,192.00. Following the transaction, the chief operating officer now owns 61,791 shares in the company, valued at approximately $2,965,968. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was 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 accessible through the SEC website. Also, CFO Pete Godbole sold 7,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 36,846 shares of the company’s stock, valued at $1,604,274.84. 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. Company insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. First Horizon Advisors Inc. increased its stake in Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after buying an additional 244 shares in the last quarter. Amalgamated Bank lifted its position in shares of Smartsheet by 3.5% in the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock valued at $383,000 after acquiring an additional 294 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Smartsheet by 24.6% in the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after acquiring an additional 360 shares during the period. Washington Capital Management Inc. grew its position in shares of Smartsheet by 2.1% during the second quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock worth $872,000 after purchasing an additional 400 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after purchasing an additional 402 shares during the period. Hedge funds and other 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.