Smartsheet (NYSE:SMAR) Given New $50.00 Price Target at Barclays

Smartsheet (NYSE:SMAR) had its price target upped by Barclays from $45.00 to $50.00 in a research note released on Friday, Benzinga reports. Barclays currently has an equal weight rating on the stock.

SMAR has been the subject of a number of other research reports. BMO Capital Markets raised their target price on Smartsheet from $48.00 to $59.00 and gave the stock an outperform rating in a research note on Friday. Needham & Company LLC restated a buy rating and set a $57.00 target price on shares of Smartsheet in a research report on Friday. Wells Fargo & Company upped their price target on shares of Smartsheet from $47.00 to $50.00 and gave the company an overweight rating in a report on Thursday, June 6th. UBS Group lifted their price objective on Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a research note on Thursday, August 29th. Finally, Guggenheim restated a buy rating and issued a $56.00 target price on shares of Smartsheet in a research note on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Smartsheet has a consensus rating of Moderate Buy and a consensus target price of $55.06.

Smartsheet Stock Performance

Shares of SMAR stock opened at $52.28 on Friday. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $54.28. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of -84.32 and a beta of 0.74. The stock’s 50-day simple moving average is $47.00 and its 200-day simple moving average is $42.52.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to the consensus estimate 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 was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.23) EPS. As a group, equities analysts forecast that Smartsheet will post -0.21 earnings per share for the current year.

Insider Buying and Selling at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the sale, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the transaction, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 4,174 shares of Smartsheet stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $43.91, for a total transaction of $183,280.34. Following the sale, the chief operating officer now directly owns 68,067 shares in the company, valued at approximately $2,988,821.97. The disclosure for this sale can be found here. Insiders have sold a total of 32,929 shares of company stock valued at $1,446,805 over the last ninety days. Corporate insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet in the second quarter valued at approximately $25,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet during the first quarter worth $29,000. Versant Capital Management Inc purchased a new stake in Smartsheet in the 2nd quarter valued at $31,000. Plato Investment Management Ltd acquired a new stake in shares of Smartsheet in the 1st quarter worth $35,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the period. 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.