Barclays Boosts Smartsheet (NYSE:SMAR) Price Target to $50.00

Smartsheet (NYSE:SMAR) had its price target raised by Barclays from $45.00 to $50.00 in a report issued on Friday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts also recently weighed in on the company. Guggenheim reaffirmed a buy rating and set a $56.00 target price on shares of Smartsheet in a research note on Tuesday, June 25th. Needham & Company LLC reaffirmed a buy rating and set a $57.00 target price on shares of Smartsheet in a research note on Friday. UBS Group upped their target price on Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a research note on Thursday, August 29th. Royal Bank of Canada upped their target price on Smartsheet from $43.00 to $51.00 and gave the stock a sector perform rating in a research note on Friday. Finally, Canaccord Genuity Group upped their target price on Smartsheet from $45.00 to $52.00 and gave the stock a buy rating in a research note on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $55.06.

Smartsheet Trading Up 5.9 %

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

Smartsheet (NYSE:SMAR) last announced 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 company 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%. Smartsheet’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.23) earnings per share. Equities research analysts predict that Smartsheet will post -0.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 4,174 shares of the company’s stock in a transaction on 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 approximately $2,988,821.97. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Pete Godbole sold 7,500 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $43.54, for a total value of $326,550.00. Following the transaction, 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 SEC, which is accessible through the SEC website. Also, COO Stephen Robert Branstetter sold 4,174 shares of the company’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 completion of the transaction, the chief operating officer now directly owns 68,067 shares in the company, valued at approximately $2,988,821.97. The disclosure for this sale can be found here. Insiders sold a total of 32,929 shares of company stock worth $1,446,805 in the last three months. 4.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

Large investors have recently modified their holdings of the business. International Assets Investment Management LLC acquired a new position in shares of Smartsheet in the 2nd quarter valued at $25,000. Banque Cantonale Vaudoise acquired a new position in shares of Smartsheet in the 1st quarter valued at $29,000. Versant Capital Management Inc acquired a new position in shares of Smartsheet in the 2nd quarter valued at $31,000. Plato Investment Management Ltd acquired a new position in shares of Smartsheet in the 1st quarter valued at $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. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.