Smartsheet (NYSE:SMAR) Price Target Increased to $60.00 by Analysts at Canaccord Genuity Group

Smartsheet (NYSE:SMAR) had its target price raised by Canaccord Genuity Group from $52.00 to $60.00 in a report published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently issued reports on SMAR. Needham & Company LLC reiterated a buy rating and issued a $57.00 price target on shares of Smartsheet in a report on Friday. Barclays raised their target price on Smartsheet from $45.00 to $50.00 and gave the company an equal weight rating in a research note on Friday. UBS Group raised their target price on Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a research note on Thursday, August 29th. BMO Capital Markets raised their target price on Smartsheet from $48.00 to $59.00 and gave the company an outperform rating in a research note on Friday. Finally, Truist Financial raised their target price on Smartsheet from $55.00 to $60.00 and gave the company a buy rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $55.06.

Smartsheet Trading Up 0.2 %

Shares of NYSE SMAR opened at $52.40 on Friday. Smartsheet has a 12-month low of $35.52 and a 12-month high of $54.28. The company has a market cap of $7.25 billion, a P/E ratio of -84.52 and a beta of 0.74. The stock has a fifty day moving average price of $47.16 and a 200 day moving average price of $42.59.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.42% and a negative net margin of 4.07%. The firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period in the prior year, the firm earned ($0.23) EPS. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts forecast that Smartsheet will post -0.21 EPS for the current fiscal year.

Smartsheet declared that its board has approved a share buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the transaction, the chief operating officer now directly owns 61,791 shares in the company, valued at approximately $2,965,968. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,755 shares of company stock worth $1,263,525. Corporate insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

A number of large investors have recently bought and sold shares of SMAR. Vanguard Group Inc. raised its holdings in shares of Smartsheet by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after buying an additional 225,390 shares during the last quarter. Eminence Capital LP increased its position in Smartsheet by 9.2% in the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after acquiring an additional 358,988 shares during the period. Dorsal Capital Management LP increased its position in Smartsheet by 4.0% in the 4th quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock valued at $154,220,000 after acquiring an additional 125,000 shares during the period. Westfield Capital Management Co. LP raised its stake in Smartsheet by 9.0% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,706,943 shares of the company’s stock valued at $129,446,000 after acquiring an additional 224,513 shares in the last quarter. Finally, RGM Capital LLC boosted its position in Smartsheet by 7.6% during the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after acquiring an additional 156,817 shares during the period. Institutional investors own 90.01% of the company’s stock.

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.