Smartsheet Inc (NYSE:SMAR) Given Consensus Rating of “Hold” by Analysts

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

Several research firms recently weighed in on SMAR. Canaccord Genuity Group restated a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Truist Financial reiterated a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Needham & Company LLC reissued a “hold” rating on shares of Smartsheet in a research note on Friday, December 6th. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th.

Smartsheet Price Performance

SMAR stock opened at $56.24 on Friday. The business has a fifty day moving average price of $56.01 and a 200 day moving average price of $52.05. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The stock has a market capitalization of $7.87 billion, a price-to-earnings ratio of -937.33, a P/E/G ratio of 82.24 and a beta of 0.71.

Insider Activity at Smartsheet

In other news, CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $56.05, for a total transaction of $280,250.00. Following the completion of the sale, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. This trade represents a 0.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,205 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $55.92, for a total transaction of $179,223.60. Following the completion of the transaction, the insider now directly owns 18,695 shares in the company, valued at approximately $1,045,424.40. This represents a 14.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,121 shares of company stock worth $3,645,543. Insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB grew its holdings in shares of Smartsheet by 11.0% during the 4th quarter. Nordea Investment Management AB now owns 196,922 shares of the company’s stock worth $11,031,000 after purchasing an additional 19,563 shares in the last quarter. Everence Capital Management Inc. bought a new stake in Smartsheet during the fourth quarter worth about $236,000. Principal Financial Group Inc. grew its stake in Smartsheet by 2.4% during the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock worth $639,000 after buying an additional 266 shares in the last quarter. Synovus Financial Corp increased its holdings in Smartsheet by 4.1% in the 3rd quarter. Synovus Financial Corp now owns 11,854 shares of the company’s stock valued at $656,000 after buying an additional 471 shares during the period. Finally, Tidal Investments LLC raised its position in shares of Smartsheet by 38.4% in the 3rd quarter. Tidal Investments LLC now owns 30,337 shares of the company’s stock valued at $1,679,000 after buying an additional 8,424 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.