Smartsheet (NYSE:SMAR) Shares Gap Up on Analyst Upgrade

Smartsheet Inc (NYSE:SMARGet Free Report) gapped up prior to trading on Thursday after UBS Group raised their price target on the stock from $54.00 to $56.00. The stock had previously closed at $37.78, but opened at $43.99. UBS Group currently has a buy rating on the stock. Smartsheet shares last traded at $44.44, with a volume of 1,140,436 shares changing hands.

A number of other research firms have also issued reports on SMAR. Wells Fargo & Company upped their target price on Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday. BMO Capital Markets boosted their target price on shares of Smartsheet from $42.00 to $48.00 and gave the company an “outperform” rating in a research note on Thursday. Oppenheimer decreased their price target on shares of Smartsheet from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Needham & Company LLC reissued a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Thursday. Finally, DA Davidson reduced their price objective on shares of Smartsheet from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $51.75.

Check Out Our Latest Analysis on SMAR

Insider Transactions at Smartsheet

In other news, CRO Michael Arntz sold 7,702 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $39.44, for a total transaction of $303,766.88. Following the completion of the sale, the executive now owns 12,718 shares in the company, valued at approximately $501,597.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CRO Michael Arntz sold 7,702 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $39.44, for a total value of $303,766.88. Following the transaction, the executive now owns 12,718 shares of the company’s stock, valued at approximately $501,597.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Pete Godbole sold 5,202 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $41.92, for a total transaction of $218,067.84. Following the sale, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at $1,858,984.32. The disclosure for this sale can be found here. Insiders have sold a total of 28,770 shares of company stock worth $1,132,791 in the last three months. 4.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Smartsheet

Several hedge funds have recently modified their holdings of the stock. Cetera Advisors LLC purchased a new position in Smartsheet in the 1st quarter worth approximately $219,000. Swedbank AB acquired a new position in shares of Smartsheet during the first quarter worth $38,388,000. Washington Harbour Partners LP boosted its stake in shares of Smartsheet by 1.1% in the first quarter. Washington Harbour Partners LP now owns 93,034 shares of the company’s stock valued at $3,582,000 after purchasing an additional 1,000 shares during the period. Plato Investment Management Ltd acquired a new stake in Smartsheet during the 1st quarter valued at $35,000. Finally, Invenomic Capital Management LP grew its holdings in Smartsheet by 80.3% during the 1st quarter. Invenomic Capital Management LP now owns 569,528 shares of the company’s stock valued at $21,927,000 after purchasing an additional 253,598 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Trading Up 17.0 %

The stock has a market cap of $6.08 billion, a PE ratio of -55.97 and a beta of 0.74. The company’s 50 day moving average is $38.98 and its 200-day moving average is $42.33.

Smartsheet (NYSE:SMARGet Free Report) last announced its earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.17. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. The business had revenue of $256.95 million for the quarter, compared to analyst estimates of $254.99 million. As a group, analysts forecast that Smartsheet Inc will post -0.43 EPS for the current year.

Smartsheet Company Profile

(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.

Featured Stories

Receive News & Ratings for Smartsheet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Smartsheet and related companies with MarketBeat.com's FREE daily email newsletter.