Smartsheet’s (SMAR) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Smartsheet (NYSE:SMAR – Get Rating) in a report issued on Wednesday morning, Benzinga reports. They currently have a $57.00 price objective on the stock.

A number of other equities analysts also recently commented on SMAR. Moffett Nathanson lowered their target price on shares of Smartsheet to $45.00 in a research note on Friday, December 2nd. Oppenheimer boosted their target price on shares of Smartsheet from $50.00 to $55.00 and gave the stock an outperform rating in a research note on Wednesday. BMO Capital Markets boosted their target price on shares of Smartsheet from $41.00 to $50.00 in a research note on Wednesday. DA Davidson boosted their price target on shares of Smartsheet from $40.00 to $45.00 in a research report on Friday, December 2nd. Finally, KeyCorp boosted their price target on shares of Smartsheet from $48.00 to $53.00 and gave the company an overweight rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $48.89.

Smartsheet Stock Up 0.2 %

NYSE:SMAR opened at $46.40 on Wednesday. The company has a fifty day simple moving average of $43.26 and a two-hundred day simple moving average of $37.54. The company has a market cap of $6.09 billion, a price-to-earnings ratio of -27.78 and a beta of 1.07. Smartsheet has a 52 week low of $25.09 and a 52 week high of $58.22.

Insider Activity

In other news, insider Jolene Lau Marshall sold 2,221 shares of the company’s stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $44.47, for a total value of $98,767.87. Following the completion of 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 Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.58% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently made changes to their positions in SMAR. Eminence Capital LP purchased a new position in Smartsheet during the third quarter worth about $83,227,000. Capital World Investors raised its holdings in Smartsheet by 11.2% during the first quarter. Capital World Investors now owns 15,316,599 shares of the company’s stock worth $839,084,000 after purchasing an additional 1,542,891 shares in the last quarter. Millennium Management LLC raised its holdings in Smartsheet by 89.4% during the second quarter. Millennium Management LLC now owns 3,080,454 shares of the company’s stock worth $96,819,000 after purchasing an additional 1,454,261 shares in the last quarter. First Trust Advisors LP raised its holdings in Smartsheet by 221.5% during the third quarter. First Trust Advisors LP now owns 2,019,168 shares of the company’s stock worth $69,379,000 after purchasing an additional 1,391,157 shares in the last quarter. Finally, Sachem Head Capital Management LP purchased a new position in Smartsheet during the second quarter worth about $42,273,000. 89.50% of the stock is owned by hedge funds and other institutional investors.

Smartsheet Company Profile

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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.