Smartsheet Inc (NYSE:SMAR) Receives $55.82 Average PT from Brokerages

Shares of Smartsheet Inc (NYSE:SMAR) have been assigned an average recommendation of “Hold” from the twenty ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $55.82.

SMAR has been the topic of a number of research analyst reports. Canaccord Genuity Group restated a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $56.50 price objective on shares of Smartsheet in a research note on Thursday, October 24th. Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th.

Insider Activity

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

Institutional Investors Weigh In On Smartsheet

A number of institutional investors have recently added to or reduced their stakes in SMAR. Eminence Capital LP grew its holdings in shares of Smartsheet by 9.2% in the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after acquiring an additional 358,988 shares in the last quarter. State Street Corp boosted its holdings in shares of Smartsheet by 6.2% in the 3rd quarter. State Street Corp now owns 2,492,949 shares of the company’s stock worth $138,010,000 after buying an additional 146,353 shares during the last quarter. Geode Capital Management LLC grew its position in Smartsheet by 2.4% during the third quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company’s stock valued at $123,545,000 after buying an additional 52,293 shares during the period. RGM Capital LLC increased its holdings in Smartsheet by 7.6% during the second quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after buying an additional 156,817 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after acquiring an additional 533,278 shares during the period. 90.01% of the stock is owned by institutional investors.

Smartsheet Price Performance

Shares of NYSE:SMAR opened at $56.30 on Friday. The company’s 50 day simple moving average is $56.04 and its 200 day simple moving average is $52.49. Smartsheet has a 1 year low of $35.52 and a 1 year high of $56.55.

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.