Smartsheet (NYSE:SMAR) Shares Gap Up Following Analyst Upgrade

Smartsheet Inc (NYSE:SMARGet Free Report)’s share price gapped up before the market opened on Thursday after UBS Group raised their price target on the stock from $54.00 to $56.00. The stock had previously closed at $37.78, but opened at $43.99. UBS Group currently has a buy rating on the stock. Smartsheet shares last traded at $44.44, with a volume of 1,140,436 shares changing hands.

Other research analysts also recently issued research reports about the company. Royal Bank of Canada boosted their target price on Smartsheet from $36.00 to $43.00 and gave the company a “sector perform” rating in a research note on Thursday. DA Davidson cut their price objective on shares of Smartsheet from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. JPMorgan Chase & Co. decreased their target price on shares of Smartsheet from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Barclays increased their price target on shares of Smartsheet from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Morgan Stanley lifted their price objective on shares of Smartsheet from $51.00 to $53.00 and gave the company an “overweight” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Check Out Our Latest Stock Report on SMAR

Insider Transactions at Smartsheet

In related news, 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 completion of the sale, the executive now owns 12,718 shares in the company, valued at approximately $501,597.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Smartsheet news, CRO Michael Arntz sold 7,702 shares of Smartsheet stock in a transaction that occurred on Friday, March 22nd. The stock was 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 of the company’s stock, valued at approximately $501,597.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Pete Godbole sold 5,202 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total value of $218,067.84. Following the completion of the sale, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at $1,858,984.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,770 shares of company stock worth $1,132,791. Company insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several hedge funds and other institutional investors have recently bought and sold shares of SMAR. Cetera Advisors LLC acquired a new position in shares of Smartsheet during the first quarter valued at about $219,000. Swedbank AB acquired a new stake in Smartsheet during the first quarter worth about $38,388,000. Washington Harbour Partners LP increased its stake in Smartsheet by 1.1% during the first quarter. Washington Harbour Partners LP now owns 93,034 shares of the company’s stock valued at $3,582,000 after acquiring an additional 1,000 shares during the period. Plato Investment Management Ltd acquired a new position in Smartsheet in the 1st quarter valued at approximately $35,000. Finally, Invenomic Capital Management LP lifted its position in shares of Smartsheet by 80.3% in the 1st quarter. Invenomic Capital Management LP now owns 569,528 shares of the company’s stock worth $21,927,000 after acquiring an additional 253,598 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Smartsheet Trading Up 17.0 %

The company has a market cap of $6.08 billion, a price-to-earnings ratio of -55.97 and a beta of 0.74. The company has a fifty day moving average price of $38.98 and a two-hundred day moving average price of $42.33.

Smartsheet (NYSE:SMARGet Free Report) last issued its 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%. Sell-side analysts anticipate that Smartsheet Inc will post -0.43 EPS for the current fiscal year.

Smartsheet Company Profile

(Get Free Report)

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.

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