Brokerages Set Smartsheet Inc (NYSE:SMAR) Target Price at $51.75

Shares of Smartsheet Inc (NYSE:SMAR) have been assigned an average recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and thirteen have given a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $52.00.

Several brokerages have commented on SMAR. DA Davidson lowered 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. Barclays lifted their price target on shares of Smartsheet from $40.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, June 6th. Royal Bank of Canada increased their price objective on Smartsheet from $36.00 to $43.00 and gave the company a “sector perform” rating in a report on Thursday, June 6th. KeyCorp initiated coverage on Smartsheet in a research note on Thursday, March 21st. They issued a “sector weight” rating on the stock. Finally, Guggenheim reiterated a “buy” rating and set a $56.00 price target on shares of Smartsheet in a research note on Tuesday.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $44.08 on Monday. Smartsheet has a 1 year low of $35.52 and a 1 year high of $49.42. The company has a market capitalization of $6.10 billion, a PE ratio of -71.10 and a beta of 0.74. The business has a fifty day moving average price of $40.44 and a two-hundred day moving average price of $42.28.

Insider Activity at Smartsheet

In other news, COO Stephen Robert Branstetter sold 4,174 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $43.91, for a total value of $183,280.34. Following the transaction, the chief operating officer now owns 68,067 shares in the company, valued at $2,988,821.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Pete Godbole sold 7,500 shares of Smartsheet stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $43.54, for a total value of $326,550.00. Following the sale, the chief financial officer now directly owns 36,846 shares in the company, valued at approximately $1,604,274.84. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Stephen Robert Branstetter sold 4,174 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $43.91, for a total transaction of $183,280.34. Following the completion of the transaction, the chief operating officer now owns 68,067 shares of the company’s stock, valued at $2,988,821.97. The disclosure for this sale can be found here. Insiders have sold a total of 34,249 shares of company stock valued at $1,418,184 over the last 90 days. 4.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Smartsheet

A number of large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in Smartsheet during the 4th quarter valued at approximately $68,879,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Smartsheet by 256.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,522 shares of the company’s stock worth $7,294,000 after buying an additional 109,786 shares during the period. Moody National Bank Trust Division bought a new position in shares of Smartsheet in the 4th quarter worth about $1,755,000. Lecap Asset Management Ltd. purchased a new position in Smartsheet during the 4th quarter valued at about $1,287,000. Finally, Alberta Investment Management Corp bought a new stake in Smartsheet during the fourth quarter worth about $1,219,000. Institutional investors own 90.01% of the company’s stock.

About Smartsheet

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.