Smartsheet (NYSE:SMAR) Stock Rating Reaffirmed by Guggenheim

Guggenheim reissued their buy rating on shares of Smartsheet (NYSE:SMAR) in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a $56.00 target price on the stock.

Other equities analysts have also recently issued research reports about the company. Royal Bank of Canada boosted their price target on Smartsheet from $36.00 to $43.00 and gave the stock a sector perform rating in a report on Thursday, June 6th. Needham & Company LLC reaffirmed a buy rating and issued a $57.00 target price on shares of Smartsheet in a report on Thursday, June 6th. Bank of America initiated coverage on Smartsheet in a report on Monday, February 26th. They issued an underperform rating and a $45.00 target price for the company. DA Davidson lowered their target price on Smartsheet from $65.00 to $55.00 and set a buy rating for the company in a report on Friday, March 15th. Finally, Oppenheimer lowered their target price on Smartsheet from $60.00 to $55.00 and set an outperform rating for the company in a report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet currently has an average rating of Moderate Buy and an average price target of $52.00.

Smartsheet Stock Performance

Smartsheet stock opened at $44.08 on Tuesday. Smartsheet has a 52 week low of $35.52 and a 52 week high of $49.42. The stock has a market capitalization of $6.10 billion, a P/E ratio of -71.10 and a beta of 0.74. The stock has a fifty day moving average of $40.44 and a 200-day moving average of $42.28.

Insider Activity at Smartsheet

In related news, CFO Pete Godbole sold 10,129 shares of the company’s 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 sale, the chief financial officer now owns 44,346 shares in the company, valued at approximately $1,714,859.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Smartsheet news, CFO Pete Godbole sold 10,129 shares of the stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $38.67, for a total value of $391,688.43. Following the transaction, the chief financial officer now owns 44,346 shares in the company, valued at $1,714,859.82. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Stephen Robert Branstetter sold 4,174 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $43.91, for a total value of $183,280.34. Following the completion of the transaction, the chief operating officer now owns 68,067 shares in the company, valued at approximately $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 worth $1,418,184 in the last 90 days. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cetera Advisors LLC purchased a new stake in shares of Smartsheet in the first quarter worth approximately $219,000. Swedbank AB purchased a new stake in shares of Smartsheet in the first quarter worth approximately $38,388,000. Washington Harbour Partners LP raised its stake in shares of Smartsheet by 1.1% in the first quarter. Washington Harbour Partners LP now owns 93,034 shares of the company’s stock worth $3,582,000 after purchasing an additional 1,000 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Smartsheet in the first quarter worth approximately $35,000. Finally, Invenomic Capital Management LP raised its stake in shares of Smartsheet by 80.3% in the first quarter. Invenomic Capital Management LP now owns 569,528 shares of the company’s stock worth $21,927,000 after purchasing an additional 253,598 shares during the last quarter. 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.