Smartsheet (NYSE:SMAR) Price Target Increased to $43.00 by Analysts at Royal Bank of Canada

Smartsheet (NYSE:SMARFree Report) had its target price raised by Royal Bank of Canada from $36.00 to $43.00 in a report released on Thursday morning, Benzinga reports. They currently have a sector perform rating on the stock.

Several other research analysts have also recently commented on the stock. BMO Capital Markets lowered their price target on shares of Smartsheet from $48.00 to $42.00 and set an outperform rating for the company in a report on Monday, March 18th. Morgan Stanley lowered their target price on shares of Smartsheet from $56.00 to $51.00 and set an overweight rating for the company in a report on Friday, March 15th. Canaccord Genuity Group lowered their target price on shares of Smartsheet from $55.00 to $45.00 and set a buy rating for the company in a report on Monday, March 18th. Wells Fargo & Company lowered their target price on shares of Smartsheet from $55.00 to $47.00 and set an overweight rating for the company in a report on Friday, March 15th. Finally, Jefferies Financial Group reduced their price target on shares of Smartsheet from $57.00 to $50.00 and set a buy rating for the company in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $51.75.

Check Out Our Latest Analysis on SMAR

Smartsheet Stock Performance

Shares of SMAR stock opened at $44.22 on Thursday. The stock has a market capitalization of $6.08 billion, a P/E ratio of -55.97 and a beta of 0.74. The company has a 50 day moving average price of $38.98 and a 200 day moving average price of $42.33. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $52.81.

Smartsheet (NYSE:SMARGet Free Report) last announced its quarterly earnings data on Thursday, March 14th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.17. The firm had revenue of $256.95 million during the quarter, compared to analysts’ expectations of $254.99 million. Smartsheet had a negative net margin of 10.92% and a negative return on equity of 16.57%. On average, research analysts forecast that Smartsheet will post -0.43 EPS for the current fiscal year.

Insider Activity

In related news, CRO Michael Arntz sold 7,702 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $39.44, for a total value of $303,766.88. Following the sale, the executive now directly owns 12,718 shares of the company’s stock, valued at approximately $501,597.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Smartsheet news, CRO Michael Arntz sold 7,702 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $39.44, for a total transaction of $303,766.88. Following the sale, the executive now directly owns 12,718 shares of the company’s stock, valued at approximately $501,597.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 5,737 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total transaction of $219,268.14. Following the sale, the chief operating officer now directly owns 67,801 shares in the company, valued at $2,591,354.22. The disclosure for this sale can be found here. Insiders sold 28,770 shares of company stock worth $1,132,791 in the last 90 days. 4.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SMAR. Banque Cantonale Vaudoise purchased a new position in shares of Smartsheet during the 1st quarter worth about $29,000. McGlone Suttner Wealth Management Inc. purchased a new position in shares of Smartsheet during the 4th quarter worth about $33,000. Plato Investment Management Ltd purchased a new position in shares of Smartsheet during the 1st quarter worth about $35,000. Allworth Financial LP lifted its holdings in shares of Smartsheet by 2,503.4% during the 4th quarter. Allworth Financial LP now owns 755 shares of the company’s stock worth $36,000 after acquiring an additional 726 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Smartsheet by 24.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after acquiring an additional 360 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

About Smartsheet

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Smartsheet (NYSE:SMAR)

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