Oppenheimer Raises Smartsheet (NYSE:SMAR) Price Target to $55.00

Smartsheet (NYSE:SMAR – Get Rating) had its price target upped by Oppenheimer from $50.00 to $55.00 in a research note issued to investors on Wednesday, The Fly reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price target would suggest a potential upside of 18.79% from the company’s current price.

SMAR has been the subject of several other reports. Royal Bank of Canada raised their target price on shares of Smartsheet from $32.00 to $36.00 in a report on Friday, December 2nd. Citigroup increased their price target on shares of Smartsheet to $37.00 in a research report on Friday, December 2nd. KeyCorp raised their price objective on shares of Smartsheet from $46.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, March 1st. BMO Capital Markets lifted their price target on shares of Smartsheet from $38.00 to $41.00 in a research report on Friday, December 2nd. Finally, Morgan Stanley raised their price objective on shares of Smartsheet from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, December 2nd. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.89.

Smartsheet Stock Up 2.6 %

SMAR stock opened at $46.30 on Wednesday. Smartsheet has a fifty-two week low of $25.09 and a fifty-two week high of $58.22. The firm’s 50-day simple moving average is $43.06 and its 200 day simple moving average is $37.41. The stock has a market cap of $6.08 billion, a PE ratio of -26.31 and a beta of 1.07.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 2,221 shares of the firm’s stock in a transaction dated Thursday, February 16th. The stock was sold at an average price of $44.47, for a total transaction of $98,767.87. Following the completion of the transaction, the insider now directly owns 9,535 shares in the company, valued at $424,021.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

A number of hedge funds have recently added to or reduced their stakes in the company. California Public Employees Retirement System boosted its position in Smartsheet by 23.8% in the third quarter. California Public Employees Retirement System now owns 271,032 shares of the company’s stock worth $9,313,000 after purchasing an additional 52,167 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in shares of Smartsheet by 1.3% in the third quarter. Treasurer of the State of North Carolina now owns 53,749 shares of the company’s stock valued at $1,847,000 after buying an additional 690 shares during the period. Arizona State Retirement System raised its stake in shares of Smartsheet by 1.9% in the third quarter. Arizona State Retirement System now owns 33,263 shares of the company’s stock valued at $1,143,000 after buying an additional 631 shares during the period. Alpha Square Group S LLC raised its stake in shares of Smartsheet by 25.0% in the third quarter. Alpha Square Group S LLC now owns 75,000 shares of the company’s stock valued at $2,577,000 after buying an additional 15,000 shares during the period. Finally, Alps Advisors Inc. bought a new stake in shares of Smartsheet in the second quarter valued at $1,986,000. Institutional investors and hedge funds own 89.50% of the company’s stock.

Smartsheet Company Profile

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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.