Smartsheet (NYSE:SMAR) Price Target Raised to $60.00 at Truist Financial

Smartsheet (NYSE:SMAR) had its price objective boosted by Truist Financial from $55.00 to $60.00 in a report released on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

SMAR has been the subject of a number of other research reports. UBS Group lifted their target price on shares of Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a research report on Thursday, August 29th. Guggenheim reiterated a buy rating and set a $56.00 price objective on shares of Smartsheet in a research report on Tuesday, June 25th. Wells Fargo & Company increased their target price on Smartsheet from $47.00 to $50.00 and gave the company an overweight rating in a report on Thursday, June 6th. Barclays boosted their price target on Smartsheet from $45.00 to $50.00 and gave the company an equal weight rating in a research note on Friday. Finally, Royal Bank of Canada increased their price objective on shares of Smartsheet from $43.00 to $51.00 and gave the stock a sector perform rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $55.06.

Smartsheet Price Performance

SMAR stock opened at $52.28 on Friday. The stock has a market capitalization of $7.23 billion, a P/E ratio of -84.32 and a beta of 0.74. Smartsheet has a 1-year low of $35.52 and a 1-year high of $54.28. The business has a fifty day moving average price of $47.00 and a 200-day moving average price of $42.52.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. Smartsheet’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.23) EPS. As a group, analysts anticipate that Smartsheet will post -0.21 earnings per share for the current year.

Insider Activity

In related news, CFO Pete Godbole sold 7,500 shares of Smartsheet stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $43.54, for a total transaction of $326,550.00. Following the sale, the chief financial officer now owns 36,846 shares of the company’s stock, valued at approximately $1,604,274.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 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 sale, the chief operating officer now directly owns 68,067 shares of the company’s stock, valued at $2,988,821.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Pete Godbole sold 7,500 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $43.54, for a total value of $326,550.00. Following the transaction, the chief financial officer now directly owns 36,846 shares of the company’s stock, valued at $1,604,274.84. The disclosure for this sale can be found here. Insiders have sold 32,929 shares of company stock worth $1,446,805 over the last ninety days. Corporate insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several hedge funds have recently modified their holdings of SMAR. International Assets Investment Management LLC purchased a new stake in Smartsheet during the second quarter valued at $25,000. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet in the 1st quarter valued at about $29,000. Versant Capital Management Inc purchased a new position in Smartsheet in the second quarter worth about $31,000. Plato Investment Management Ltd bought a new stake in Smartsheet during the first quarter worth approximately $35,000. Finally, First Horizon Advisors Inc. lifted its stake in shares of 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 purchasing an additional 244 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other 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.