Credit Suisse Group Reiterates “Neutral” Rating for Smartsheet (NYSE:SMAR)

Credit Suisse Group reissued their neutral rating on shares of Smartsheet (NYSE:SMAR – Get Rating) in a report issued on Wednesday morning, Benzinga reports. They currently have a $40.00 target price on the stock.

A number of other research analysts have also commented on SMAR. Moffett Nathanson reduced their price target on shares of Smartsheet to $45.00 in a research report on Friday, December 2nd. Morgan Stanley boosted their price target on shares of Smartsheet from $54.00 to $56.00 and gave the company an overweight rating in a research report on Friday, December 2nd. KeyCorp lifted their price objective on shares of Smartsheet from $48.00 to $53.00 and gave the stock an overweight rating in a report on Wednesday. Citigroup lifted their price objective on shares of Smartsheet to $37.00 in a report on Friday, December 2nd. Finally, DA Davidson lifted their price objective on shares of Smartsheet from $54.00 to $57.00 in a report on Wednesday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Smartsheet has an average rating of Moderate Buy and an average price target of $48.89.

Smartsheet Stock Performance

SMAR opened at $46.40 on Wednesday. The company has a fifty day moving average price of $43.26 and a 200-day moving average price of $37.54. Smartsheet has a one year low of $25.09 and a one year high of $58.22.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 2,221 shares of the firm’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 transaction of $98,767.87. Following the completion of the transaction, the insider now owns 9,535 shares of the company’s stock, valued at $424,021.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.58% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Smartsheet

Several institutional investors and hedge funds have recently modified their holdings of SMAR. Belpointe Asset Management LLC bought a new stake in Smartsheet during the 4th quarter valued at about $25,000. Wipfli Financial Advisors LLC purchased a new position in Smartsheet in the third quarter worth about $30,000. UMB Bank n.a. purchased a new position in Smartsheet in the fourth quarter worth about $32,000. Signaturefd LLC raised its holdings 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 buying an additional 390 shares during the last quarter. Finally, CWM LLC raised its holdings in Smartsheet by 200.6% in the fourth quarter. CWM LLC now owns 1,076 shares of the company’s stock worth $42,000 after buying an additional 718 shares during the last quarter. 89.50% of the stock is currently owned by 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.