Smartsheet Inc (NYSE:SMAR) Receives $56.50 Average PT from Analysts

Shares of Smartsheet Inc (NYSE:SMAR) have earned a consensus recommendation of “Hold” from the nineteen ratings firms that are covering the stock, Marketbeat.com reports. Seventeen equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $56.50.

Several brokerages have issued reports on SMAR. Needham & Company LLC reissued a “hold” rating on shares of Smartsheet in a research note on Friday, December 6th. Guggenheim lowered Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th.

Insiders Place Their Bets

In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $56.07, for a total value of $280,350.00. Following the completion of the sale, the chief executive officer now owns 619,515 shares of the company’s stock, valued at $34,736,206.05. The trade was a 0.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jolene Lau Marshall sold 2,000 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $55.99, for a total value of $111,980.00. Following the transaction, the insider now directly owns 19,739 shares in the company, valued at approximately $1,105,186.61. This represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,916 shares of company stock valued at $3,186,069 over the last ninety days. Corporate insiders own 4.52% of the company’s stock.

Hedge Funds Weigh In On Smartsheet

Institutional investors have recently modified their holdings of the company. Creative Planning grew its stake in Smartsheet by 7.2% in the 3rd quarter. Creative Planning now owns 10,779 shares of the company’s stock valued at $597,000 after buying an additional 721 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Smartsheet by 5,435.9% during the third quarter. International Assets Investment Management LLC now owns 31,887 shares of the company’s stock valued at $1,765,000 after acquiring an additional 31,311 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Smartsheet by 294.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 28,649 shares of the company’s stock valued at $1,586,000 after purchasing an additional 21,384 shares during the last quarter. Congress Asset Management Co. bought a new position in shares of Smartsheet in the third quarter worth about $3,666,000. Finally, US Bancorp DE lifted its position in shares of Smartsheet by 12.9% during the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Smartsheet Price Performance

SMAR stock opened at $56.47 on Friday. The firm has a market capitalization of $7.91 billion, a P/E ratio of -941.17, a P/E/G ratio of 82.90 and a beta of 0.71. Smartsheet has a 52-week low of $35.52 and a 52-week high of $56.55. The company’s 50 day simple moving average is $56.38 and its 200-day simple moving average is $55.05.

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.