Smartsheet Inc (NYSE:SMAR) Given Average Rating of “Hold” by Brokerages

Shares of Smartsheet Inc (NYSE:SMAR) have received a consensus recommendation of “Hold” from the twenty brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seventeen have given a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $55.82.

A number of analysts have weighed in on SMAR shares. Guggenheim lowered Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Royal Bank of Canada restated a “sector perform” rating and set a $56.50 price objective on shares of Smartsheet in a research note on Thursday, October 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th.

Smartsheet Price Performance

Smartsheet stock opened at $56.47 on Tuesday. The firm has a market capitalization of $7.91 billion, a P/E ratio of -941.17, a price-to-earnings-growth ratio of 82.90 and a beta of 0.71. Smartsheet has a 1-year low of $35.52 and a 1-year high of $56.55. The company’s 50-day moving average is $56.17 and its 200 day moving average is $53.62.

Insider Buying and Selling

In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $56.07, for a total transaction of $280,350.00. Following the transaction, the chief executive officer now directly owns 619,515 shares in the company, valued at $34,736,206.05. This represents a 0.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jolene Lau Marshall sold 2,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.18, for a total value of $112,360.00. Following the completion of the sale, the insider now directly owns 17,739 shares of the company’s stock, valued at approximately $996,577.02. This represents a 10.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,121 shares of company stock valued at $3,365,293. 4.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

A number of hedge funds and other institutional investors have recently modified their holdings of SMAR. Fifth Third Bancorp bought a new position in shares of Smartsheet during the 4th quarter valued at about $26,000. Brooklyn Investment Group acquired a new stake in Smartsheet during the third quarter valued at approximately $28,000. Raleigh Capital Management Inc. bought a new stake in Smartsheet during the third quarter worth approximately $31,000. Waldron Private Wealth LLC acquired a new position in Smartsheet in the third quarter worth approximately $33,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Smartsheet by 123.2% in the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock valued at $40,000 after buying an additional 398 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

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.