Analysts Set Smartsheet Inc (NYSE:SMAR) Price Target at $49.75

Shares of Smartsheet Inc (NYSE:SMAR) have been given a consensus recommendation of “Moderate Buy” by the sixteen research firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and twelve have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $49.75.

SMAR has been the subject of several recent research reports. Citigroup raised Smartsheet from a “neutral” rating to a “buy” rating and increased their price target for the company from $56.00 to $63.00 in a research note on Thursday, January 11th. BMO Capital Markets lowered their price target on shares of Smartsheet from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, March 18th. Wells Fargo & Company reduced their price objective on shares of Smartsheet from $55.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Oppenheimer lowered their target price on shares of Smartsheet from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, KeyCorp initiated coverage on shares of Smartsheet in a research report on Thursday, March 21st. They set a “sector weight” rating on the stock.

Insider Buying and Selling at Smartsheet

In related news, CFO Pete Godbole sold 10,129 shares of the company’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $38.67, for a total transaction of $391,688.43. Following the completion of the sale, the chief financial officer now owns 44,346 shares in the company, valued at $1,714,859.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Pete Godbole sold 10,129 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $38.67, for a total transaction of $391,688.43. Following the transaction, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at $1,714,859.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 5,737 shares of the company’s 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 completion of the sale, the chief operating officer now directly owns 67,801 shares of the company’s stock, valued at $2,591,354.22. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,387 shares of company stock worth $1,355,207. Insiders own 4.71% of the company’s stock.

Institutional Trading of Smartsheet

Hedge funds have recently bought and sold shares of the business. Raymond James & Associates increased its position in shares of Smartsheet by 4.5% during the 1st quarter. Raymond James & Associates now owns 19,514 shares of the company’s stock valued at $1,069,000 after purchasing an additional 845 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Smartsheet by 10.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 16,949 shares of the company’s stock worth $928,000 after buying an additional 1,567 shares during the last quarter. Citigroup Inc. raised its position in Smartsheet by 7.0% in the first quarter. Citigroup Inc. now owns 25,608 shares of the company’s stock worth $1,403,000 after acquiring an additional 1,677 shares during the period. PNC Financial Services Group Inc. boosted its stake in Smartsheet by 8.1% in the first quarter. PNC Financial Services Group Inc. now owns 10,683 shares of the company’s stock valued at $585,000 after acquiring an additional 803 shares during the last quarter. Finally, MetLife Investment Management LLC bought a new position in shares of Smartsheet during the 1st quarter valued at approximately $431,000. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Price Performance

NYSE:SMAR opened at $36.58 on Wednesday. Smartsheet has a one year low of $35.52 and a one year high of $52.81. The company has a market cap of $5.03 billion, a PE ratio of -46.30 and a beta of 0.73. The firm’s 50 day simple moving average is $40.96 and its 200 day simple moving average is $42.76.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.17. The company had revenue of $256.95 million for the quarter, compared to analyst estimates of $254.99 million. Smartsheet had a negative net margin of 10.92% and a negative return on equity of 16.57%. Equities research analysts expect that Smartsheet will post -0.43 EPS for the current year.

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.