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

Smartsheet (NYSE:SMAR) had its price target hoisted by research analysts at Barclays from $45.00 to $50.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential downside of 6.24% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. BMO Capital Markets upped their price target on shares of Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday. UBS Group upped their price target on shares of Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Canaccord Genuity Group upped their price target on shares of Smartsheet from $45.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Royal Bank of Canada upped their price target on shares of Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a report on Friday. Finally, Truist Financial reaffirmed a “buy” rating and issued a $55.00 price target on shares of Smartsheet in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.94.

Smartsheet Stock Performance

SMAR stock traded up $3.98 during midday trading on Friday, reaching $53.33. 214,125 shares of the company’s stock traded hands, compared to its average volume of 1,462,485. The company has a 50-day moving average price of $46.84 and a two-hundred day moving average price of $42.46. Smartsheet has a 52 week low of $35.52 and a 52 week high of $53.78. The firm has a market capitalization of $7.38 billion, a PE ratio of -85.37 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its 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. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. The business had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the previous year, the firm posted ($0.23) EPS. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, analysts predict that Smartsheet will post -0.21 EPS 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 dated Tuesday, June 11th. The shares were sold at an average price of $43.91, for a total transaction 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 $2,988,821.97. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,174 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $43.91, for a total transaction 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 $2,988,821.97. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Pete Godbole sold 7,500 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were 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 $1,604,274.84. The disclosure for this sale can be found here. Insiders sold a total of 32,929 shares of company stock worth $1,446,805 over the last three months. Company insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

Several hedge funds and other institutional investors have recently modified their holdings of SMAR. International Assets Investment Management LLC bought a new position in shares of Smartsheet during the second quarter valued at about $25,000. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet during the first quarter valued at about $29,000. Versant Capital Management Inc bought a new position in shares of Smartsheet during the second quarter valued at about $31,000. Plato Investment Management Ltd bought a new position in shares of Smartsheet during the first quarter valued at about $35,000. Finally, First Horizon Advisors Inc. raised its stake in shares of Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares during the last quarter. 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.