Smartsheet (NYSE:SMAR) Given “Buy” Rating at Truist Financial

Truist Financial reissued their buy rating on shares of Smartsheet (NYSE:SMAR) in a research report released on Monday morning, Benzinga reports. Truist Financial currently has a $55.00 target price on the stock.

Several other research firms have also commented on SMAR. Canaccord Genuity Group increased their price objective on shares of Smartsheet from $45.00 to $52.00 and gave the company a buy rating in a research report on Thursday, June 6th. UBS Group increased their price target on shares of Smartsheet from $54.00 to $56.00 and gave the company a buy rating in a report on Thursday, June 6th. Barclays lifted their target price on Smartsheet from $40.00 to $45.00 and gave the stock an equal weight rating in a report on Thursday, June 6th. Guggenheim reiterated a buy rating and set a $56.00 price objective on shares of Smartsheet in a research report on Tuesday, June 25th. Finally, Morgan Stanley increased their target price on shares of Smartsheet from $53.00 to $55.00 and gave the company an overweight rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $52.41.

Smartsheet Stock Performance

SMAR opened at $48.86 on Monday. The company has a fifty day moving average of $46.26 and a 200 day moving average of $42.35. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $50.38. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of -78.81 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Wednesday, June 5th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. The business had revenue of $262.98 million for the quarter, compared to the consensus estimate of $258.06 million. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. On average, equities research analysts forecast that Smartsheet will post -0.24 earnings per share for the current year.

Insider Activity

In other Smartsheet news, 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 transaction of $183,280.34. Following the transaction, the chief operating officer now directly owns 68,067 shares in the company, valued at approximately $2,988,821.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Stephen Robert Branstetter sold 4,174 shares of Smartsheet stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $43.91, for a total value of $183,280.34. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the transaction, the insider now owns 17,100 shares in the company, valued at $823,878. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,929 shares of company stock valued at $1,446,805. Corporate insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet during the 2nd quarter worth $25,000. Versant Capital Management Inc bought a new position in shares of Smartsheet during the 2nd quarter worth approximately $31,000. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet during the 1st quarter worth approximately $29,000. First Horizon Advisors Inc. lifted its position in Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares during the last quarter. Finally, Plato Investment Management Ltd acquired a new position in shares of Smartsheet during the first quarter worth $35,000. Institutional investors 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.