Analysts’ Weekly Ratings Updates for Smartsheet (SMAR)

A number of firms have modified their ratings and price targets on shares of Smartsheet (NYSE: SMAR) recently:

• 9/6/2024 – Smartsheet had its price target raised by analysts at Royal Bank of Canada from $43.00 to $51.00. They now have a “sector perform” rating on the stock.
• 9/6/2024 – Smartsheet had its price target raised by analysts at Morgan Stanley from $55.00 to $57.00. They now have an “overweight” rating on the stock.
• 9/6/2024 – Smartsheet had its price target raised by analysts at BMO Capital Markets from $48.00 to $59.00. They now have an “outperform” rating on the stock.
• 9/6/2024 – Smartsheet had its price target raised by analysts at Barclays PLC from $45.00 to $50.00. They now have an “equal weight” rating on the stock.
• 9/6/2024 – Smartsheet had its price target raised by analysts at Citigroup Inc. from $55.00 to $63.00. They now have a “buy” rating on the stock.
• 9/6/2024 – Smartsheet had its price target raised by analysts at Guggenheim from $60.00 to $62.00. They now have a “buy” rating on the stock.
• 9/6/2024 – Smartsheet had its price target raised by analysts at Canaccord Genuity Group Inc. from $52.00 to $60.00. They now have a “buy” rating on the stock.
• 9/6/2024 – Smartsheet had its “buy” rating reaffirmed by analysts at DA Davidson. They now have a $55.00 price target on the stock.
• 9/6/2024 – Smartsheet had its price target raised by analysts at Truist Financial Co. from $55.00 to $60.00. They now have a “buy” rating on the stock.
• 9/6/2024 – Smartsheet had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $57.00 price target on the stock.
• 8/29/2024 – Smartsheet had its price target raised by analysts at UBS Group AG from $56.00 to $61.00. They now have a “buy” rating on the stock.
• 8/26/2024 – Smartsheet had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $55.00 price target on the stock.
• 8/20/2024 – Smartsheet had its price target raised by analysts at Morgan Stanley from $53.00 to $55.00. They now have an “overweight” rating on the stock.

Smartsheet Stock Up 0.2 %

Shares of SMAR stock traded up $0.10 during trading hours on Monday, reaching $51.54. 231,413 shares of the company’s stock were exchanged, compared to its average volume of 1,522,528. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $54.50. The business has a fifty day moving average price of $48.61 and a 200-day moving average price of $43.18. The stock has a market capitalization of $7.13 billion, a P/E ratio of -83.13 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating 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 net margin of 4.07% and a negative return on equity of 4.29%. The business’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.23) EPS. As a group, research analysts expect that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Insider Buying and Selling at Smartsheet

In related news, COO Stephen Robert Branstetter sold 4,272 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet 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 completion of the sale, the chief operating officer now owns 63,795 shares in the company, valued at $2,833,773.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,429 shares of company stock worth $1,952,525. Insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

A number of large investors have recently added to or reduced their stakes in SMAR. International Assets Investment Management LLC bought a new position in shares of Smartsheet during the second quarter worth approximately $25,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet in the first quarter valued at about $29,000. Versant Capital Management Inc acquired a new stake in Smartsheet during the second quarter worth about $31,000. Plato Investment Management Ltd acquired a new stake in Smartsheet during the first quarter worth about $35,000. Finally, First Horizon Advisors Inc. increased its holdings in Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after buying an additional 244 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.