Guggenheim Increases Smartsheet (NYSE:SMAR) Price Target to $54.00

Smartsheet (NYSE:SMAR – Get Rating) had its price target hoisted by investment analysts at Guggenheim from $48.00 to $54.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s target price would suggest a potential upside of 16.63% from the stock’s current price.

Several other research firms also recently commented on SMAR. Credit Suisse Group reaffirmed a “neutral” rating and set a $40.00 price objective on shares of Smartsheet in a report on Wednesday. Oppenheimer upped their price objective on shares of Smartsheet from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday. KeyCorp upped their price objective on shares of Smartsheet from $48.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday. Moffett Nathanson dropped their price objective on shares of Smartsheet to $45.00 in a report on Friday, December 2nd. Finally, Barclays started coverage on Smartsheet in a research report on Thursday, December 15th. They set an “equal weight” rating and a $45.00 price target on the stock. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Smartsheet presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

Smartsheet Stock Up 2.6 %

NYSE SMAR opened at $46.30 on Wednesday. The company has a market cap of $6.08 billion, a PE ratio of -26.31 and a beta of 1.07. Smartsheet has a 52 week low of $25.09 and a 52 week high of $58.22. The firm’s 50-day simple moving average is $43.06 and its two-hundred day simple moving average is $37.41.

Insider Buying and Selling

In related news, insider Jolene Lau Marshall sold 2,221 shares of the company’s stock in a transaction that occurred on Thursday, February 16th. The shares were sold at an average price of $44.47, for a total value of $98,767.87. Following the transaction, the insider now directly owns 9,535 shares in the company, valued at $424,021.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.58% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Smartsheet by 0.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,396 shares of the company’s stock valued at $2,968,000 after purchasing an additional 343 shares during the period. Royal Bank of Canada lifted its position in Smartsheet by 1.0% during the third quarter. Royal Bank of Canada now owns 37,005 shares of the company’s stock valued at $1,272,000 after buying an additional 364 shares during the period. Signaturefd LLC lifted its position in Smartsheet by 57.1% during the third quarter. Signaturefd LLC now owns 1,073 shares of the company’s stock valued at $37,000 after buying an additional 390 shares during the period. Amalgamated Bank lifted its position in Smartsheet by 1.4% during the third quarter. Amalgamated Bank now owns 28,532 shares of the company’s stock valued at $980,000 after buying an additional 397 shares during the period. Finally, Commerce Bank lifted its position in Smartsheet by 5.9% during the fourth quarter. Commerce Bank now owns 7,693 shares of the company’s stock valued at $303,000 after buying an additional 431 shares during the period. 89.50% of the stock is currently owned by institutional investors.

Smartsheet Company Profile

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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.