Truist Financial Reiterates Buy Rating for Smartsheet (NYSE:SMAR)

Smartsheet (NYSE:SMAR)‘s stock had its “buy” rating reissued by analysts at Truist Financial in a research note issued on Monday, Benzinga reports. They currently have a $55.00 price objective on the stock. Truist Financial’s price objective indicates a potential upside of 10.31% from the company’s previous close.

SMAR has been the subject of several other research reports. Guggenheim reiterated a “buy” rating and set a $56.00 price objective on shares of Smartsheet in a report on Tuesday, June 25th. Royal Bank of Canada raised their target price on shares of Smartsheet from $36.00 to $43.00 and gave the company a “sector perform” rating in a research report on Thursday, June 6th. Wells Fargo & Company raised their target price on shares of Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, June 6th. Barclays raised their target price on shares of Smartsheet from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, June 6th. Finally, Canaccord Genuity Group raised their target price on shares of Smartsheet from $45.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Smartsheet currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.12.

Smartsheet Trading Up 0.3 %

SMAR stock traded up $0.17 during midday trading on Monday, reaching $49.86. 234,893 shares of the company’s stock traded hands, compared to its average volume of 1,447,406. Smartsheet has a 52-week low of $35.52 and a 52-week high of $50.38. The stock has a market cap of $6.90 billion, a P/E ratio of -80.42 and a beta of 0.74. The stock’s 50-day moving average is $45.64 and its 200 day moving average is $42.22.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Wednesday, June 5th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. The firm had revenue of $262.98 million during the quarter, compared to analysts’ expectations of $258.06 million. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. As a group, research analysts expect that Smartsheet will post -0.24 EPS for the current fiscal year.

Insider Activity

In other Smartsheet news, CFO Pete Godbole sold 7,244 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $41.22, for a total transaction of $298,597.68. Following the completion of the transaction, the chief financial officer now owns 30,786 shares in the company, valued at approximately $1,268,998.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Pete Godbole sold 7,244 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $41.22, for a total value of $298,597.68. Following the sale, the chief financial officer now directly owns 30,786 shares of the company’s stock, valued at approximately $1,268,998.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,929 shares of company stock worth $1,446,805. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new position in Smartsheet in the second quarter valued at approximately $25,000. Banque Cantonale Vaudoise acquired a new position in shares of Smartsheet during the first quarter valued at $29,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet during the second quarter valued at about $31,000. Plato Investment Management Ltd bought a new stake in shares of Smartsheet during the first quarter valued at about $35,000. Finally, First Horizon Advisors Inc. raised its position in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.