Smartsheet (NYSE:SMAR) Given New $50.00 Price Target at BMO Capital Markets

Smartsheet (NYSE:SMAR – Get Rating) had its target price increased by research analysts at BMO Capital Markets from $41.00 to $50.00 in a note issued to investors on Wednesday, The Fly reports. BMO Capital Markets’ price target indicates a potential upside of 7.99% from the stock’s previous close.

A number of other equities analysts have also commented on SMAR. KeyCorp lifted their price target 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. Barclays began coverage on shares of Smartsheet in a research note on Thursday, December 15th. They issued an “equal weight” rating and a $45.00 price objective on the stock. 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. DA Davidson raised their price objective on shares of Smartsheet from $40.00 to $45.00 in a research note on Friday, December 2nd. Finally, Royal Bank of Canada raised their price objective on shares of Smartsheet from $32.00 to $36.00 in a research note on Friday, December 2nd. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.89.

Smartsheet Stock Up 2.6 %

NYSE:SMAR opened at $46.30 on Wednesday. Smartsheet has a 12 month low of $25.09 and a 12 month high of $58.22. The firm has a market cap of $6.08 billion, a price-to-earnings ratio of -26.31 and a beta of 1.07. The company’s 50 day moving average is $43.06 and its 200-day moving average is $37.41.

Insider Activity

In other news, insider Jolene Lau Marshall sold 2,221 shares of the business’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $44.47, for a total value of $98,767.87. Following the sale, the insider now owns 9,535 shares in the company, valued at approximately $424,021.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

Several institutional investors and hedge funds have recently made changes to their positions in SMAR. Belpointe Asset Management LLC bought a new position in shares of Smartsheet in the fourth quarter valued at about $25,000. Wipfli Financial Advisors LLC bought a new position in shares of Smartsheet in the third quarter valued at about $30,000. UMB Bank n.a. bought a new position in shares of Smartsheet in the fourth quarter valued at about $32,000. Signaturefd LLC raised its holdings in shares of Smartsheet by 57.1% in the third quarter. Signaturefd LLC now owns 1,073 shares of the company’s stock valued at $37,000 after buying an additional 390 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Smartsheet by 200.6% in the fourth quarter. CWM LLC now owns 1,076 shares of the company’s stock valued at $42,000 after buying an additional 718 shares during the last quarter. 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.