Smartsheet (NYSE:SMAR) Price Target Increased to $51.00 by Analysts at Royal Bank of Canada

Smartsheet (NYSE:SMAR) had its price target increased by Royal Bank of Canada from $43.00 to $51.00 in a report released on Friday, Benzinga reports. They currently have a sector perform rating on the stock.

Other analysts have also issued reports about the company. Morgan Stanley boosted their target price on Smartsheet from $55.00 to $57.00 and gave the company an overweight rating in a research report on Friday. Barclays upped their target price on Smartsheet from $40.00 to $45.00 and gave the stock an equal weight rating in a research report on Thursday, June 6th. BMO Capital Markets lifted their price target on shares of Smartsheet from $48.00 to $59.00 and gave the company an outperform rating in a research report on Friday. Truist Financial restated a buy rating and set a $55.00 price objective on shares of Smartsheet in a report on Monday, August 26th. Finally, Canaccord Genuity Group lifted their price objective on shares of Smartsheet from $45.00 to $52.00 and gave the company a buy rating in a report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $55.06.

Smartsheet Stock Performance

Shares of SMAR stock opened at $52.28 on Friday. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $54.28. The stock has a 50 day simple moving average of $47.00 and a two-hundred day simple moving average of $42.52. The company has a market cap of $7.23 billion, a P/E ratio of -84.32 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.23) EPS. On average, research analysts predict that Smartsheet will post -0.21 earnings per share for the current year.

Insider Activity

In related news, COO Stephen Robert Branstetter sold 4,174 shares of the business’s stock in a transaction dated 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 directly owns 68,067 shares of the company’s stock, valued at approximately $2,988,821.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares of the company’s stock, valued at $714,203.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Stephen Robert Branstetter sold 4,174 shares of the business’s stock in a transaction 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 completion of the sale, the chief operating officer now owns 68,067 shares in the company, valued at $2,988,821.97. The disclosure for this sale can be found here. Insiders sold a total of 32,929 shares of company stock valued at $1,446,805 in the last ninety days. 4.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Smartsheet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMAR. International Assets Investment Management LLC bought a new stake in Smartsheet during the 2nd quarter valued at $25,000. Versant Capital Management Inc purchased a new position in shares of Smartsheet in the second quarter valued at $31,000. Banque Cantonale Vaudoise purchased a new stake in Smartsheet during the 1st quarter worth about $29,000. First Horizon Advisors Inc. lifted its holdings in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new position in Smartsheet in the 1st quarter worth about $35,000. 90.01% of the stock is currently owned by 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.