Guggenheim Increases Smartsheet (NYSE:SMAR) Price Target to $62.00

Smartsheet (NYSE:SMAR) had its price target hoisted by Guggenheim from $60.00 to $62.00 in a research report sent to investors on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms also recently issued reports on SMAR. Royal Bank of Canada boosted their price target on Smartsheet from $43.00 to $51.00 and gave the company a sector perform rating in a research report on Friday. Truist Financial upped their price target on shares of Smartsheet from $55.00 to $60.00 and gave the stock a buy rating in a research report on Friday. BMO Capital Markets raised their price objective on Smartsheet from $48.00 to $59.00 and gave the company an outperform rating in a research report on Friday. Wells Fargo & Company upped their target price on Smartsheet from $47.00 to $50.00 and gave the stock an overweight rating in a research report on Thursday, June 6th. Finally, DA Davidson reiterated a buy rating and set a $55.00 target price on shares of Smartsheet in a report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $55.06.

Smartsheet Stock Performance

SMAR stock opened at $52.28 on Friday. The company has a 50 day moving average price of $47.00 and a two-hundred day moving average price of $42.52. The stock has a market capitalization of $7.23 billion, a P/E ratio of -84.32 and a beta of 0.74. Smartsheet has a one year low of $35.52 and a one year high of $54.28.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.23) earnings per share. Research analysts forecast that Smartsheet will post -0.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the transaction, the insider now owns 17,100 shares in the company, valued at $823,878. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at approximately $2,965,968. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now owns 17,100 shares of the company’s stock, valued at approximately $823,878. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,929 shares of company stock worth $1,446,805. 4.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Smartsheet

Several institutional investors have recently bought and sold shares of SMAR. First Horizon Advisors Inc. increased its position in shares of Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during the period. Amalgamated Bank grew its holdings in Smartsheet by 3.5% during the second quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after acquiring an additional 294 shares during the period. Advisors Asset Management Inc. raised its position in Smartsheet by 24.6% in the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after acquiring an additional 360 shares in the last quarter. Washington Capital Management Inc. lifted its holdings in Smartsheet by 2.1% in the 2nd quarter. Washington Capital Management Inc. now owns 19,775 shares of the company’s stock valued at $872,000 after acquiring an additional 400 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after purchasing an additional 402 shares in the last quarter. Institutional investors and hedge funds own 90.01% 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.