Smartsheet (NYSE:SMAR) Price Target Increased to $50.00 by Analysts at Barclays

Smartsheet (NYSE:SMAR) had its price objective lifted by Barclays from $45.00 to $50.00 in a research report sent to investors on Friday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other research analysts also recently issued research reports about the stock. Canaccord Genuity Group upped their target price on shares of Smartsheet from $45.00 to $52.00 and gave the stock a buy rating in a report on Thursday, June 6th. Wells Fargo & Company increased their target price on Smartsheet from $47.00 to $50.00 and gave the stock an overweight rating in a research report on Thursday, June 6th. Truist Financial reissued a buy rating and set a $55.00 target price on shares of Smartsheet in a research note on Monday, August 26th. Needham & Company LLC restated a buy rating and issued a $57.00 price target on shares of Smartsheet in a research note on Friday. Finally, Morgan Stanley lifted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an overweight rating in a research report on Friday. One research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $55.06.

Smartsheet Stock Performance

NYSE:SMAR opened at $52.28 on Friday. The stock has a 50-day simple moving average of $47.00 and a two-hundred day simple moving average of $42.52. The firm has a market capitalization of $7.23 billion, a PE ratio of -84.32 and a beta of 0.74. Smartsheet has a 52-week low of $35.52 and a 52-week high of $54.28.

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

Insiders Place Their Bets

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

Institutional Trading of Smartsheet

Several institutional investors and hedge funds have recently made changes to their positions in SMAR. Vanguard Group Inc. boosted its position in Smartsheet by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after purchasing an additional 225,390 shares in the last quarter. Eminence Capital LP boosted its holdings in shares of Smartsheet by 9.2% in 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 in the last quarter. Dorsal Capital Management LP grew its position in shares of Smartsheet by 4.0% in the 4th quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock worth $154,220,000 after buying an additional 125,000 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of 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 lifted its position in Smartsheet by 7.6% during the second quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after acquiring an additional 156,817 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

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.