Smartsheet Inc (NYSE:SMAR) Receives $51.75 Average Target Price from Analysts

Shares of Smartsheet Inc (NYSE:SMAR) have been assigned an average recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $52.00.

A number of brokerages have weighed in on SMAR. Morgan Stanley raised their price objective on Smartsheet from $51.00 to $53.00 and gave the company an “overweight” rating in a research note on Thursday, June 6th. BMO Capital Markets upped their price target on shares of Smartsheet from $42.00 to $48.00 and gave the company an “outperform” rating in a report on Thursday, June 6th. UBS Group raised their price objective on shares of Smartsheet from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Barclays upped their target price on shares of Smartsheet from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, June 6th. Finally, Guggenheim reiterated a “buy” rating and issued a $56.00 price target on shares of Smartsheet in a research note on Tuesday.

Insider Activity

In related news, CFO Pete Godbole sold 5,202 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total transaction of $218,067.84. Following the completion of the transaction, the chief financial officer now directly owns 44,346 shares in the company, valued at approximately $1,858,984.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,174 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $43.91, for a total value of $183,280.34. Following the sale, the chief operating officer now owns 68,067 shares of the company’s stock, valued at approximately $2,988,821.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Pete Godbole sold 5,202 shares of Smartsheet stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total transaction of $218,067.84. Following the sale, the chief financial officer now owns 44,346 shares in the company, valued at $1,858,984.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,249 shares of company stock valued at $1,418,184. 4.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Smartsheet

A number of hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in Smartsheet in the 4th quarter valued at $68,879,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Smartsheet by 256.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,522 shares of the company’s stock worth $7,294,000 after acquiring an additional 109,786 shares during the last quarter. Moody National Bank Trust Division acquired a new position in shares of Smartsheet during the fourth quarter worth approximately $1,755,000. Lecap Asset Management Ltd. bought a new stake in shares of Smartsheet during the fourth quarter valued at approximately $1,287,000. Finally, Alberta Investment Management Corp acquired a new stake in shares of Smartsheet in the fourth quarter valued at approximately $1,219,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Stock Up 1.2 %

Shares of NYSE:SMAR opened at $42.86 on Monday. The company has a market capitalization of $5.93 billion, a price-to-earnings ratio of -69.13 and a beta of 0.74. The company has a 50 day moving average of $40.07 and a two-hundred day moving average of $42.28. Smartsheet has a 52-week low of $35.52 and a 52-week high of $49.42.

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.