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

Smartsheet (NYSE:SMAR) had its target price boosted by Truist Financial from $55.00 to $60.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently commented on the company. Canaccord Genuity Group boosted their price objective on Smartsheet from $45.00 to $52.00 and gave the stock a buy rating in a research note on Thursday, June 6th. Barclays boosted their price objective on Smartsheet from $45.00 to $50.00 and gave the stock an equal weight rating in a research note on Friday. Morgan Stanley boosted their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an overweight rating in a research note on Friday. Guggenheim restated a buy rating and set a $56.00 price objective on shares of Smartsheet in a research note on Tuesday, June 25th. Finally, UBS Group boosted their price target on Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet presently has an average rating of Moderate Buy and an average price target of $55.06.

Smartsheet Trading Up 5.9 %

SMAR stock opened at $52.27 on Friday. The stock has a 50-day moving average price of $47.00 and a two-hundred day moving average price of $42.52. Smartsheet has a 12-month low of $35.52 and a 12-month high of $54.28. The company has a market cap of $7.23 billion, a PE ratio of -84.31 and a beta of 0.74.

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

Insider Activity

In other news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the transaction, the insider now directly owns 17,100 shares of the company’s stock, valued at $823,878. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the transaction, the insider now directly owns 17,100 shares of the company’s stock, valued at $823,878. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 4,174 shares of the company’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 68,067 shares of the company’s stock, valued at $2,988,821.97. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,929 shares of company stock valued at $1,446,805. 4.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Smartsheet

Institutional investors have recently made changes to their positions in the stock. Sei Investments Co. grew its holdings in Smartsheet by 20.3% in the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after buying an additional 24,823 shares in the last quarter. Norges Bank bought a new position in Smartsheet in the 4th quarter worth approximately $68,879,000. CWM LLC grew its holdings in Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares in the last quarter. Capstone Investment Advisors LLC bought a new position in Smartsheet in the 1st quarter worth approximately $1,512,000. Finally, Alberta Investment Management Corp bought a new position in Smartsheet in the 4th quarter worth approximately $1,219,000. 90.01% of the stock is owned by institutional investors.

Smartsheet Company Profile

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.