Smartsheet (NYSE:SMAR) Given New $60.00 Price Target at Canaccord Genuity Group

Smartsheet (NYSE:SMAR) had its price target lifted by Canaccord Genuity Group from $52.00 to $60.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. 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 note on Friday. UBS Group upped their price target on shares of Smartsheet from $56.00 to $61.00 and gave the company a buy rating in a research report on Thursday, August 29th. Royal Bank of Canada boosted their price objective on shares of Smartsheet from $43.00 to $51.00 and gave the stock a sector perform rating in a research note on Friday. DA Davidson reaffirmed a buy rating and set a $55.00 target price on shares of Smartsheet in a research report on Friday. Finally, Truist Financial lifted their price objective on shares of Smartsheet from $55.00 to $60.00 and gave the company a buy rating in a research note on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $55.06.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $52.28 on Friday. Smartsheet has a 1 year low of $35.52 and a 1 year high of $54.28. The stock has a market capitalization of $7.23 billion, a price-to-earnings ratio of -84.32 and a beta of 0.74. The company’s 50 day simple moving average is $47.00 and its 200 day simple moving average is $42.52.

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

Insider Transactions at Smartsheet

In related news, CFO Pete Godbole sold 7,244 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $41.22, for a total value of $298,597.68. Following the transaction, the chief financial officer now directly owns 30,786 shares of the company’s stock, valued at approximately $1,268,998.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Stephen Robert Branstetter sold 4,272 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction of $189,762.24. Following the sale, the chief operating officer now directly owns 63,795 shares in the company, valued at approximately $2,833,773.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Pete Godbole sold 7,244 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $41.22, for a total value of $298,597.68. Following the sale, the chief financial officer now owns 30,786 shares in the company, valued at $1,268,998.92. The disclosure for this sale can be found here. Insiders have sold 32,929 shares of company stock worth $1,446,805 in the last 90 days. Insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Smartsheet by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares in the last quarter. Eminence Capital LP raised its position in shares of Smartsheet by 9.2% in the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after buying an additional 358,988 shares in the last quarter. Dorsal Capital Management LP boosted its stake in Smartsheet by 4.0% during the fourth quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock valued at $154,220,000 after buying an additional 125,000 shares during the period. Westfield Capital Management Co. LP grew its position in Smartsheet by 9.0% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,706,943 shares of the company’s stock worth $129,446,000 after buying an additional 224,513 shares in the last quarter. Finally, RGM Capital LLC increased its stake in Smartsheet by 7.6% in the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after acquiring an additional 156,817 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

About Smartsheet

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.