Smartsheet (NYSE:SMAR) Price Target Raised to $50.00

Smartsheet (NYSE:SMAR – Get Rating) had its price objective hoisted by investment analysts at Wells Fargo & Company from $45.00 to $50.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 7.99% from the stock’s previous close.

Several other research firms have also recently issued reports on SMAR. Moffett Nathanson decreased their price objective on Smartsheet to $45.00 in a report on Friday, December 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 target price on shares of Smartsheet in a research report on Wednesday. Morgan Stanley increased their target price on Smartsheet from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, December 2nd. BMO Capital Markets increased their target price on Smartsheet from $41.00 to $50.00 in a research report on Wednesday. Finally, Guggenheim increased their target price on Smartsheet from $48.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Smartsheet presently has an average rating of “Moderate Buy” and an average price target of $48.89.

Smartsheet Stock Up 2.6 %

SMAR stock opened at $46.30 on Wednesday. Smartsheet has a 52-week low of $25.09 and a 52-week high of $58.22. The stock’s fifty day simple moving average is $43.06 and its 200-day simple moving average is $37.41. The stock has a market capitalization of $6.08 billion, a price-to-earnings 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 Smartsheet 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 sale, the insider now directly owns 9,535 shares of the company’s stock, valued at $424,021.45. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.58% of the company’s stock.

Institutional Trading of Smartsheet

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its position in shares of Smartsheet by 0.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,396 shares of the company’s stock worth $2,968,000 after acquiring an additional 343 shares during the last quarter. Royal Bank of Canada increased its position in shares of Smartsheet by 1.0% during the third quarter. Royal Bank of Canada now owns 37,005 shares of the company’s stock worth $1,272,000 after acquiring an additional 364 shares during the last quarter. Signaturefd LLC grew its stake in Smartsheet by 57.1% in the third quarter. Signaturefd LLC now owns 1,073 shares of the company’s stock worth $37,000 after purchasing an additional 390 shares in the last quarter. Amalgamated Bank grew its stake in Smartsheet by 1.4% in the third quarter. Amalgamated Bank now owns 28,532 shares of the company’s stock worth $980,000 after purchasing an additional 397 shares in the last quarter. Finally, Commerce Bank grew its stake in Smartsheet by 5.9% in the fourth quarter. Commerce Bank now owns 7,693 shares of the company’s stock worth $303,000 after purchasing an additional 431 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.