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

Smartsheet Inc (NYSE:SMAR) has earned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $49.75.

Several research firms have weighed in on SMAR. UBS Group cut their target price on Smartsheet from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Oppenheimer reduced their price objective on shares of Smartsheet from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. KeyCorp assumed coverage on shares of Smartsheet in a report on Thursday, March 21st. They set a “sector weight” rating for the company. Royal Bank of Canada cut their target price on shares of Smartsheet from $48.00 to $36.00 and set a “sector perform” rating on the stock in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Smartsheet from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 15th.

Insider Transactions at Smartsheet

In related news, insider Jolene Lau Marshall sold 2,247 shares of Smartsheet stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $45.03, for a total value of $101,182.41. Following the sale, the insider now owns 12,129 shares of the company’s stock, valued at approximately $546,168.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 5,737 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $38.22, for a total transaction of $219,268.14. Following the sale, the chief operating officer now directly owns 67,801 shares of the company’s stock, valued at approximately $2,591,354.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jolene Lau Marshall sold 2,247 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $45.03, for a total value of $101,182.41. Following the completion of the transaction, the insider now owns 12,129 shares of the company’s stock, valued at approximately $546,168.87. The disclosure for this sale can be found here. Insiders sold 33,387 shares of company stock valued at $1,355,207 over the last three months. Company insiders own 4.71% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Washington Capital Management Inc. raised its stake in shares of Smartsheet by 47.9% during the 1st quarter. Washington Capital Management Inc. now owns 19,375 shares of the company’s stock worth $746,000 after purchasing an additional 6,275 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in Smartsheet during the first quarter worth $29,000. Los Angeles Capital Management LLC raised its position in Smartsheet by 26.2% during the first quarter. Los Angeles Capital Management LLC now owns 792,997 shares of the company’s stock worth $30,530,000 after acquiring an additional 164,859 shares in the last quarter. Moody National Bank Trust Division raised its position in Smartsheet by 20.3% during the first quarter. Moody National Bank Trust Division now owns 44,123 shares of the company’s stock worth $1,699,000 after acquiring an additional 7,431 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after acquiring an additional 402 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Price Performance

SMAR opened at $36.58 on Wednesday. The firm has a 50 day simple moving average of $40.96 and a 200 day simple moving average of $42.76. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $52.81. The company has a market cap of $5.03 billion, a price-to-earnings ratio of -46.30 and a beta of 0.73.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, March 14th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.17. The company had revenue of $256.95 million during the quarter, compared to analysts’ expectations of $254.99 million. Smartsheet had a negative net margin of 10.92% and a negative return on equity of 16.57%. As a group, analysts expect that Smartsheet will post -0.43 EPS 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.