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

Smartsheet (NYSE:SMAR) had its price objective boosted by research analysts at Truist Financial from $55.00 to $60.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 13.25% from the stock’s previous close.

SMAR has been the subject of several other reports. Barclays lifted their price objective on Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday. Royal Bank of Canada boosted their price target on Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a report on Friday. Guggenheim reaffirmed a “buy” rating and set a $56.00 price objective on shares of Smartsheet in a research note on Tuesday, June 25th. Morgan Stanley boosted their target price on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday. Finally, UBS Group raised their price target on shares of 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 issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.24.

Smartsheet Stock Up 7.4 %

Shares of SMAR traded up $3.63 on Friday, reaching $52.98. The stock had a trading volume of 1,751,390 shares, compared to its average volume of 1,471,423. The firm has a market capitalization of $7.33 billion, a PE ratio of -86.65 and a beta of 0.74. Smartsheet has a twelve month low of $35.52 and a twelve month high of $54.20. The firm has a 50-day moving average of $46.84 and a 200 day moving average of $42.46.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 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 firm had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the prior year, the company earned ($0.23) EPS. The firm’s revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts anticipate that Smartsheet will post -0.21 earnings per share for the current fiscal year.

Insider Activity at Smartsheet

In other news, CFO Pete Godbole sold 7,244 shares of Smartsheet stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $41.22, for a total value of $298,597.68. Following the transaction, the chief financial officer now directly owns 30,786 shares of the company’s stock, valued at approximately $1,268,998.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Pete Godbole sold 7,244 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $41.22, for a total value of $298,597.68. Following the transaction, the chief financial officer now owns 30,786 shares in the company, valued at $1,268,998.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,929 shares of company stock worth $1,446,805. 4.52% of the stock is owned by insiders.

Institutional Trading of Smartsheet

Several large investors have recently added to or reduced their stakes in SMAR. Vanguard Group Inc. lifted its stake in shares of Smartsheet by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares in the last quarter. Eminence Capital LP raised its holdings in shares of Smartsheet by 9.2% during the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after buying an additional 358,988 shares during the period. Dorsal Capital Management LP raised its holdings in shares of Smartsheet by 4.0% during the 4th quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock valued at $154,220,000 after buying an additional 125,000 shares during the period. Westfield Capital Management Co. LP lifted its position in Smartsheet by 9.0% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,706,943 shares of the company’s stock worth $129,446,000 after acquiring an additional 224,513 shares in the last quarter. Finally, RGM Capital LLC boosted its holdings in Smartsheet by 7.6% in the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after acquiring an additional 156,817 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.