Smartsheet (NYSE:SMAR – Get Rating) had its price target reduced by research analysts at Wells Fargo & Company to $55.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 50.48% from the stock’s current price.
A number of other research analysts also recently commented on the company. Zacks Investment Research raised Smartsheet from a “sell” rating to a “hold” rating in a report on Tuesday, May 3rd. Truist Financial reduced their target price on Smartsheet from $100.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, March 16th. KeyCorp reduced their target price on Smartsheet from $100.00 to $58.00 and set an “overweight” rating on the stock in a report on Wednesday, March 16th. Needham & Company LLC reduced their target price on Smartsheet from $100.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, March 16th. Finally, Canaccord Genuity Group reduced their target price on Smartsheet from $80.00 to $60.00 in a report on Wednesday, March 16th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Smartsheet has an average rating of “Buy” and an average target price of $64.67.
SMAR traded down $0.73 on Wednesday, reaching $36.55. The company’s stock had a trading volume of 11,274 shares, compared to its average volume of 1,293,198. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -26.88 and a beta of 1.57. Smartsheet has a 1 year low of $35.43 and a 1 year high of $85.65. The business’s 50 day moving average is $49.57 and its 200 day moving average is $59.39.
In related news, Director Geoffrey T. Barker sold 1,125 shares of the firm’s stock in a transaction that occurred on Monday, April 25th. The stock was sold at an average price of $50.00, for a total value of $56,250.00. Following the sale, the director now directly owns 315,131 shares in the company, valued at approximately $15,756,550. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew S. Mcilwain bought 10,000 shares of the stock in a transaction that occurred on Friday, March 18th. The stock was acquired at an average price of $49.62 per share, for a total transaction of $496,200.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 25,953 shares of company stock worth $1,437,561. 4.58% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Capital World Investors increased its position in shares of Smartsheet by 2.9% during the 3rd quarter. Capital World Investors now owns 14,504,662 shares of the company’s stock valued at $998,239,000 after purchasing an additional 406,264 shares during the period. Vanguard Group Inc. increased its position in shares of Smartsheet by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 11,326,756 shares of the company’s stock valued at $620,480,000 after purchasing an additional 66,327 shares during the period. BlackRock Inc. increased its position in shares of Smartsheet by 2.6% during the 4th quarter. BlackRock Inc. now owns 5,487,249 shares of the company’s stock valued at $424,988,000 after purchasing an additional 140,053 shares during the period. Dorsey Asset Management LLC boosted its stake in shares of Smartsheet by 7.3% during the 1st quarter. Dorsey Asset Management LLC now owns 3,009,153 shares of the company’s stock worth $164,841,000 after acquiring an additional 203,696 shares in the last quarter. Finally, TimesSquare Capital Management LLC boosted its stake in shares of Smartsheet by 0.5% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,955,750 shares of the company’s stock worth $151,473,000 after acquiring an additional 9,230 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.
Smartsheet Company Profile (Get Rating)
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.
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