BMO Capital Markets Increases Smartsheet (NYSE:SMAR) Price Target to $59.00

Smartsheet (NYSE:SMAR) had its target price increased by BMO Capital Markets from $48.00 to $59.00 in a research report sent to investors on Friday morning, Marketbeat Ratings reports. They currently have an outperform rating on the stock.

A number of other research firms have also commented on SMAR. Guggenheim restated a buy rating and issued a $56.00 price objective on shares of Smartsheet in a research report on Tuesday, June 25th. Wells Fargo & Company boosted their target price on Smartsheet from $47.00 to $50.00 and gave the stock an overweight rating in a research report on Thursday, June 6th. Royal Bank of Canada raised their price target on Smartsheet from $36.00 to $43.00 and gave the company a sector perform rating in a report on Thursday, June 6th. Morgan Stanley boosted their price objective on Smartsheet from $53.00 to $55.00 and gave the stock an overweight rating in a report on Tuesday, August 20th. 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 note on Thursday, June 6th. One investment 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. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $55.06.

Smartsheet Trading Up 5.9 %

Shares of SMAR stock opened at $52.28 on Friday. The firm’s 50 day moving average is $47.00 and its 200 day moving average is $42.52. The stock has a market capitalization of $7.23 billion, a P/E ratio of -84.32 and a beta of 0.74. Smartsheet has a 12 month low of $35.52 and a 12 month high of $54.28.

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

Insider Buying and Selling at Smartsheet

In related news, COO Stephen Robert Branstetter sold 2,004 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at approximately $2,965,968. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the company’s stock in a transaction that occurred on 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 owns 61,791 shares of the company’s stock, valued at approximately $2,965,968. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Pete Godbole sold 7,244 shares of Smartsheet stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $41.22, for a total value of $298,597.68. Following the completion of the sale, the chief financial officer now owns 30,786 shares in the company, valued at $1,268,998.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,929 shares of company stock worth $1,446,805. 4.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Smartsheet

Several hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC lifted its holdings in Smartsheet by 4,386.0% in the fourth quarter. International Assets Investment Management LLC now owns 27,544 shares of the company’s stock worth $1,317,000 after buying an additional 26,930 shares during the period. Truist Financial Corp purchased a new position in shares of Smartsheet in the 4th quarter valued at approximately $236,000. Victory Capital Management Inc. lifted its stake in shares of Smartsheet by 24.7% in the 4th quarter. Victory Capital Management Inc. now owns 17,393 shares of the company’s stock valued at $832,000 after purchasing an additional 3,444 shares during the period. M&T Bank Corp bought a new stake in shares of Smartsheet during the fourth quarter valued at approximately $204,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Smartsheet by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,201,506 shares of the company’s stock worth $57,456,000 after purchasing an additional 41,285 shares during the period. Hedge funds and other 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.