Smartsheet Inc (NYSE:SMAR) Given Average Rating of “Moderate Buy” by Brokerages

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

SMAR has been the subject of a number of recent analyst reports. Barclays decreased their price objective on shares of Smartsheet from $50.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, March 15th. Oppenheimer reduced their price objective on Smartsheet from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Needham & Company LLC restated a “buy” rating and set a $57.00 target price on shares of Smartsheet in a research note on Friday, March 15th. UBS Group reduced their price target on shares of Smartsheet from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, Jefferies Financial Group decreased their price objective on shares of Smartsheet from $57.00 to $50.00 and set a “buy” rating for the company in a report on Friday, March 15th.

Insiders Place Their Bets

In related news, CRO Michael Arntz sold 7,702 shares of the business’s 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 transaction, the executive now directly 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 at this hyperlink. In related news, CFO Pete Godbole sold 10,129 shares of the stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $38.67, for a total transaction of $391,688.43. Following the completion of the sale, the chief financial officer now owns 44,346 shares in the company, valued at $1,714,859.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Michael Arntz sold 7,702 shares of the business’s 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 completion of the transaction, the executive now directly 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 quarter. 4.71% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

Several hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC lifted its stake in Smartsheet by 170.8% in the 3rd quarter. SG Americas Securities LLC now owns 9,382 shares of the company’s stock worth $380,000 after purchasing an additional 5,917 shares in the last quarter. Xponance Inc. boosted its stake in Smartsheet by 3.9% during the third quarter. Xponance Inc. now owns 18,082 shares of the company’s stock valued at $732,000 after buying an additional 684 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Smartsheet by 2.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 712,014 shares of the company’s stock valued at $28,808,000 after buying an additional 16,087 shares in the last quarter. Castleview Partners LLC purchased a new position in Smartsheet during the 3rd quarter valued at approximately $39,000. Finally, Washington Capital Management Inc. purchased a new stake in shares of Smartsheet during the 3rd quarter worth approximately $441,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Trading Down 0.1 %

NYSE SMAR opened at $38.84 on Friday. Smartsheet has a 12 month low of $35.52 and a 12 month high of $52.81. The stock’s fifty day moving average price is $39.03 and its 200-day moving average price is $42.33. The stock has a market cap of $5.34 billion, a P/E ratio of -49.16 and a beta of 0.73.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.17. The company had revenue of $256.95 million for 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 forecast that Smartsheet will post -0.43 earnings per share for the current fiscal 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.