Smartsheet (SMAR) – Analysts’ Recent Ratings Changes

Smartsheet (NYSE: SMAR) has recently received a number of price target changes and ratings updates:

• 6/25/2024 – Smartsheet had its “buy” rating reaffirmed by analysts at Guggenheim. They now have a $56.00 price target on the stock.
• 6/6/2024 – Smartsheet had its price target raised by analysts at Royal Bank of Canada from $36.00 to $43.00. They now have a “sector perform” rating on the stock.
• 6/6/2024 – Smartsheet had its price target raised by analysts at Wells Fargo & Company from $47.00 to $50.00. They now have an “overweight” rating on the stock.
• 6/6/2024 – Smartsheet had its price target raised by analysts at Morgan Stanley from $51.00 to $53.00. They now have an “overweight” rating on the stock.
• 6/6/2024 – Smartsheet had its price target raised by analysts at BMO Capital Markets from $42.00 to $48.00. They now have an “outperform” rating on the stock.
• 6/6/2024 – Smartsheet had its price target raised by analysts at Barclays PLC from $40.00 to $45.00. They now have an “equal weight” rating on the stock.
• 6/6/2024 – Smartsheet had its price target raised by analysts at UBS Group AG from $54.00 to $56.00. They now have a “buy” rating on the stock.
• 6/6/2024 – Smartsheet had its price target raised by analysts at Canaccord Genuity Group Inc. from $45.00 to $52.00. They now have a “buy” rating on the stock.
• 6/6/2024 – Smartsheet had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $57.00 price target on the stock.

Smartsheet Price Performance

NYSE SMAR opened at $42.86 on Thursday. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $49.42. The company has a market capitalization of $5.93 billion, a P/E ratio of -69.13 and a beta of 0.74. The business has a 50 day moving average price of $40.07 and a 200 day moving average price of $42.28.

Insiders Place Their Bets

In other Smartsheet news, CFO Pete Godbole sold 7,244 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $41.22, for a total transaction of $298,597.68. Following the completion of the transaction, the chief financial officer now owns 30,786 shares of the company’s stock, valued at $1,268,998.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Pete Godbole sold 7,244 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $41.22, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 4,174 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $43.91, for a total value of $183,280.34. Following the sale, the chief operating officer now owns 68,067 shares in the company, valued at approximately $2,988,821.97. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,249 shares of company stock valued at $1,418,184. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise purchased a new position in Smartsheet in the first quarter valued at about $29,000. McGlone Suttner Wealth Management Inc. purchased a new position in Smartsheet in the fourth quarter valued at about $33,000. Plato Investment Management Ltd purchased a new position in Smartsheet in the first quarter valued at about $35,000. Allworth Financial LP raised its position in Smartsheet by 2,503.4% in the fourth quarter. Allworth Financial LP now owns 755 shares of the company’s stock valued at $36,000 after purchasing an additional 726 shares during the period. Finally, 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 valued at $70,000 after purchasing an additional 360 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.