Smartsheet (NYSE:SMAR) Given New $53.00 Price Target at KeyCorp

Smartsheet (NYSE:SMAR – Get Rating) had its price objective boosted by equities research analysts at KeyCorp from $48.00 to $53.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price objective would suggest a potential upside of 14.47% from the stock’s current price.

A number of other brokerages also recently issued reports on SMAR. Citigroup boosted their price target on Smartsheet to $37.00 in a report on Friday, December 2nd. BMO Capital Markets increased their price target on Smartsheet from $41.00 to $50.00 in a report on Wednesday. DA Davidson increased their price target on Smartsheet from $40.00 to $45.00 in a research note on Friday, December 2nd. Oppenheimer raised their price objective on Smartsheet from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Morgan Stanley increased their price target on shares of Smartsheet from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, December 2nd. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.89.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $46.30 on Wednesday. Smartsheet has a 1 year low of $25.09 and a 1 year high of $58.22. The company has a market cap of $6.08 billion, a PE ratio of -26.31 and a beta of 1.07. The stock’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 company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 9,535 shares in the company, valued at approximately $424,021.45. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.58% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Capital World Investors boosted its holdings in shares of Smartsheet by 11.2% in the first quarter. Capital World Investors now owns 15,316,599 shares of the company’s stock valued at $839,084,000 after acquiring an additional 1,542,891 shares in the last quarter. Vanguard Group Inc. raised its position in Smartsheet by 2.8% during the third quarter. Vanguard Group Inc. now owns 11,759,643 shares of the company’s stock worth $404,061,000 after acquiring an additional 319,641 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Smartsheet by 1.3% during the third quarter. BlackRock Inc. now owns 6,565,602 shares of the company’s stock worth $225,592,000 after buying an additional 83,740 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Smartsheet by 8.7% during the third quarter. Alliancebernstein L.P. now owns 3,801,949 shares of the company’s stock worth $130,635,000 after buying an additional 304,815 shares in the last quarter. Finally, Eminence Capital LP grew its holdings in shares of Smartsheet by 28.2% during the fourth quarter. Eminence Capital LP now owns 3,105,002 shares of the company’s stock worth $122,213,000 after buying an additional 682,804 shares in the last quarter. 89.50% of the stock is owned by hedge funds and other institutional investors.

About Smartsheet

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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.