Brokerages Set Smartsheet Inc (NYSE:SMAR) PT at $49.75

Shares of Smartsheet Inc (NYSE:SMAR) have earned an average recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and twelve have given a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $49.75.

A number of brokerages have recently commented on SMAR. Needham & Company LLC reissued a “buy” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Friday, March 15th. Canaccord Genuity Group lowered their target price on Smartsheet from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, March 18th. Royal Bank of Canada cut their price target on Smartsheet from $48.00 to $36.00 and set a “sector perform” rating for the company in a report on Friday, March 15th. KeyCorp began coverage on Smartsheet in a research note on Thursday, March 21st. They set a “sector weight” rating on the stock. Finally, Wells Fargo & Company cut their target price on Smartsheet from $55.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, March 15th.

Insider Buying and Selling at Smartsheet

In other news, CRO Michael Arntz sold 7,702 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $39.44, for a total value of $303,766.88. Following the transaction, the executive now directly owns 12,718 shares in the company, valued at approximately $501,597.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Pete Godbole sold 10,129 shares of Smartsheet stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $38.67, for a total value of $391,688.43. Following the completion of the transaction, the chief financial officer now owns 44,346 shares in the company, valued at $1,714,859.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Michael Arntz sold 7,702 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $39.44, for a total transaction of $303,766.88. Following the sale, the executive now owns 12,718 shares in the company, valued at $501,597.92. The disclosure for this sale can be found here. Insiders sold a total of 23,568 shares of company stock worth $914,723 over the last three months. Insiders own 4.71% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Sei Investments Co. raised its position in Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock valued at $5,671,000 after purchasing an additional 24,823 shares in the last quarter. Swiss National Bank raised its holdings in Smartsheet by 1.1% in the first quarter. Swiss National Bank now owns 255,700 shares of the company’s stock valued at $9,844,000 after acquiring an additional 2,700 shares in the last quarter. SG Americas Securities LLC lifted its stake in Smartsheet by 250.1% in the first quarter. SG Americas Securities LLC now owns 15,630 shares of the company’s stock worth $602,000 after acquiring an additional 11,166 shares during the last quarter. Coronation Fund Managers Ltd. grew its holdings in Smartsheet by 44.2% during the 1st quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock worth $59,683,000 after acquiring an additional 474,898 shares in the last quarter. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of Smartsheet in the 1st quarter valued at approximately $1,512,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Trading Up 1.0 %

NYSE:SMAR opened at $39.65 on Friday. The stock has a 50 day moving average of $39.16 and a two-hundred day moving average of $42.37. Smartsheet has a 12 month low of $35.52 and a 12 month high of $52.81. The firm has a market cap of $5.45 billion, a P/E ratio of -50.18 and a beta of 0.73.

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

Smartsheet Company Profile

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.