Smartsheet (NYSE:SMAR) Stock Rating Reaffirmed by Guggenheim

Smartsheet (NYSE:SMAR)‘s stock had its “buy” rating restated by analysts at Guggenheim in a note issued to investors on Tuesday, Benzinga reports. They presently have a $56.00 price target on the stock. Guggenheim’s price objective points to a potential upside of 33.72% from the stock’s current price.

SMAR has been the subject of several other research reports. DA Davidson reduced their price target on shares of Smartsheet from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Barclays raised their price target 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. UBS Group raised their price target on shares of Smartsheet from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Bank of America began coverage on shares of Smartsheet in a report on Monday, February 26th. They issued an “underperform” rating and a $45.00 target price on the stock. Finally, Royal Bank of Canada raised their target price on shares of Smartsheet from $36.00 to $43.00 and gave the stock a “sector perform” rating in a report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.00.

Smartsheet Stock Up 0.9 %

Shares of NYSE SMAR traded up $0.37 on Tuesday, reaching $41.88. 282,954 shares of the company’s stock traded hands, compared to its average volume of 1,558,006. Smartsheet has a 12 month low of $35.52 and a 12 month high of $49.42. The business’s 50 day simple moving average is $39.96 and its two-hundred day simple moving average is $42.29. The company has a market cap of $5.79 billion, a price-to-earnings ratio of -67.55 and a beta of 0.75.

Insider Activity at Smartsheet

In related news, COO Stephen Robert Branstetter sold 4,174 shares of Smartsheet stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $43.91, for a total transaction of $183,280.34. Following the transaction, the chief operating officer now owns 68,067 shares in the company, valued at approximately $2,988,821.97. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,174 shares of Smartsheet 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 sale, the chief operating officer now directly owns 68,067 shares in the company, valued at approximately $2,988,821.97. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Pete Godbole sold 10,129 shares of Smartsheet stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $38.67, for a total transaction of $391,688.43. Following the completion of the sale, the chief financial officer now owns 44,346 shares in the company, valued at $1,714,859.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,986 shares of company stock worth $1,637,452. 4.52% of the stock is owned by corporate insiders.

Institutional Trading of Smartsheet

A number of institutional investors and hedge funds have recently bought and sold shares of SMAR. Banque Cantonale Vaudoise bought a new stake in Smartsheet in the 1st quarter valued at $29,000. McGlone Suttner Wealth Management Inc. bought a new stake in shares of Smartsheet in the 4th quarter worth about $33,000. Plato Investment Management Ltd bought a new stake in shares of Smartsheet in the 1st quarter worth about $35,000. Allworth Financial LP increased its holdings in shares of Smartsheet by 2,503.4% in the 4th quarter. Allworth Financial LP now owns 755 shares of the company’s stock worth $36,000 after buying an additional 726 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in shares of Smartsheet by 24.6% in the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after buying an additional 360 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

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.