Smartsheet (NYSE:SMAR) PT Raised to $60.00 at Truist Financial

Smartsheet (NYSE:SMAR) had its price target raised by Truist Financial from $55.00 to $60.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also recently weighed in on the company. Barclays increased their price target on Smartsheet from $45.00 to $50.00 and gave the stock an equal weight rating in a report on Friday. Needham & Company LLC reiterated a buy rating and set a $57.00 price target on shares of Smartsheet in a report on Friday. Morgan Stanley increased their price target on Smartsheet from $55.00 to $57.00 and gave the stock an overweight rating in a report on Friday. BMO Capital Markets increased their price target on Smartsheet from $48.00 to $59.00 and gave the stock an outperform rating in a report on Friday. Finally, Wells Fargo & Company raised their target price on Smartsheet from $47.00 to $50.00 and gave the company an overweight rating in a report on Thursday, June 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Smartsheet has a consensus rating of Moderate Buy and an average target price of $55.06.

Smartsheet Stock Up 0.2 %

Shares of NYSE:SMAR opened at $52.40 on Friday. The business has a fifty day moving average of $47.16 and a two-hundred day moving average of $42.59. The stock has a market cap of $7.25 billion, a P/E ratio of -84.52 and a beta of 0.74. Smartsheet has a 52-week low of $35.52 and a 52-week high of $54.28.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate 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 4.42% and a negative net margin of 4.07%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.23) EPS. On average, equities analysts anticipate that Smartsheet will post -0.21 earnings per share for the current year.

Smartsheet announced that its board has initiated a share repurchase plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the sale, the chief operating officer now owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Stephen Robert Branstetter sold 4,272 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $44.42, for a total transaction of $189,762.24. Following the sale, the chief operating officer now owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the sale, the insider now directly owns 17,100 shares in the company, valued at approximately $823,878. The disclosure for this sale can be found here. Insiders have sold 28,755 shares of company stock valued at $1,263,525 in the last quarter. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. increased its position in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after buying an additional 24,823 shares during the period. Norges Bank purchased a new position in shares of Smartsheet in the 4th quarter valued at approximately $68,879,000. CWM LLC grew its stake in shares of Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after purchasing an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC purchased a new position in shares of Smartsheet in the 1st quarter valued at approximately $1,512,000. Finally, Alberta Investment Management Corp purchased a new position in shares of Smartsheet in the 4th quarter valued at approximately $1,219,000. 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.