Smartsheet Inc (NYSE:SMAR) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Smartsheet Inc (NYSE:SMAR) has been given an average rating of “Moderate Buy” by the sixteen brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and twelve have given a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $51.75.

SMAR has been the subject of a number of recent analyst reports. BMO Capital Markets raised their price target on shares of Smartsheet from $42.00 to $48.00 and gave the stock an “outperform” rating in a report on Thursday, June 6th. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 target price on shares of Smartsheet in a report on Thursday, June 6th. Jefferies Financial Group dropped their target price on shares of Smartsheet from $57.00 to $50.00 and set a “buy” rating for the company in a report on Friday, March 15th. Morgan Stanley lifted their target price on shares of Smartsheet from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Thursday, June 6th. Finally, DA Davidson dropped their target price on shares of Smartsheet from $65.00 to $55.00 and set a “buy” rating for the company in a report on Friday, March 15th.

Insider Activity at Smartsheet

In related news, CFO Pete Godbole sold 10,129 shares of the business’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $38.67, for a total value of $391,688.43. Following the completion of the sale, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at $1,714,859.82. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,174 shares of Smartsheet stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $43.91, for a total value of $183,280.34. Following the transaction, the chief operating officer now directly owns 68,067 shares in the company, valued at $2,988,821.97. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Pete Godbole sold 10,129 shares of Smartsheet stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $38.67, for a total transaction of $391,688.43. Following the completion of the transaction, the chief financial officer now owns 44,346 shares in the company, valued at $1,714,859.82. The disclosure for this sale can be found here. Insiders sold a total of 32,742 shares of company stock valued at $1,338,855 over the last ninety days. Insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Banque Cantonale Vaudoise acquired a new position in Smartsheet during the first quarter worth about $29,000. McGlone Suttner Wealth Management Inc. acquired a new position in Smartsheet during the fourth quarter worth about $33,000. Plato Investment Management Ltd acquired a new position in Smartsheet during the first quarter worth about $35,000. Allworth Financial LP grew its position in Smartsheet by 2,503.4% during the fourth quarter. Allworth Financial LP now owns 755 shares of the company’s stock worth $36,000 after buying an additional 726 shares during the period. Finally, Advisors Asset Management Inc. grew its position in Smartsheet by 24.6% during the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after buying an additional 360 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Smartsheet Trading Up 3.5 %

Shares of Smartsheet stock opened at $42.69 on Monday. The firm’s 50-day moving average price is $39.86 and its 200 day moving average price is $42.31. Smartsheet has a twelve month low of $35.52 and a twelve month high of $49.42. The firm has a market capitalization of $5.91 billion, a PE ratio of -68.85 and a beta of 0.74.

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.