Citigroup Increases Smartsheet (NYSE:SMAR) Price Target to $52.00

Smartsheet (NYSE:SMAR) had its price objective boosted by equities researchers at Citigroup from $49.00 to $52.00 in a research note issued on Friday, FlyOnTheWall reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 20.85% from the stock’s current price.

A number of other equities analysts have also commented on the stock. Wells Fargo & Company cut their price objective on shares of Smartsheet from $60.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, September 5th. 888 reiterated a “maintains” rating on shares of Smartsheet in a report on Monday, June 12th. BMO Capital Markets dropped their target price on shares of Smartsheet from $50.00 to $44.00 in a research report on Monday, June 12th. Morgan Stanley dropped their target price on shares of Smartsheet from $56.00 to $55.00 in a research report on Thursday, June 8th. Finally, Barclays boosted their target price on shares of Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.64.

Smartsheet Price Performance

Shares of SMAR stock opened at $43.03 on Friday. Smartsheet has a 12 month low of $25.09 and a 12 month high of $52.81. The firm has a market capitalization of $5.75 billion, a P/E ratio of -38.42 and a beta of 0.96. The company’s fifty day moving average price is $40.99 and its two-hundred day moving average price is $42.80.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 7th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.09. Smartsheet had a negative net margin of 16.84% and a negative return on equity of 28.15%. The firm had revenue of $235.60 million for the quarter, compared to analyst estimates of $229.57 million. During the same quarter in the previous year, the business posted ($0.46) EPS. The firm’s revenue was up 26.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Smartsheet will post -1.15 EPS for the current year.

Insiders Place Their Bets

In other news, Director Michael P. Gregoire bought 3,800 shares of the firm’s stock in a transaction on Tuesday, June 13th. The stock was purchased at an average price of $39.38 per share, for a total transaction of $149,644.00. Following the transaction, the director now owns 15,301 shares in the company, valued at $602,553.38. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Portside Wealth Group LLC acquired a new stake in shares of Smartsheet in the 2nd quarter worth approximately $1,138,000. Alamar Capital Management LLC lifted its stake in Smartsheet by 53.9% during the second quarter. Alamar Capital Management LLC now owns 75,359 shares of the company’s stock valued at $2,883,000 after purchasing an additional 26,403 shares during the last quarter. Virginia Retirement Systems ET AL acquired a new stake in Smartsheet during the second quarter valued at approximately $1,224,000. Legato Capital Management LLC lifted its stake in Smartsheet by 10.8% during the second quarter. Legato Capital Management LLC now owns 11,750 shares of the company’s stock valued at $450,000 after purchasing an additional 1,149 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Smartsheet during the second quarter valued at approximately $335,000. Institutional investors own 88.99% 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.