Smartsheet (NYSE:SMAR) Price Target Increased to $62.00 by Analysts at Guggenheim

Smartsheet (NYSE:SMAR) had its target price increased by Guggenheim from $60.00 to $62.00 in a report published on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms also recently weighed in on SMAR. Royal Bank of Canada lifted their target price on shares of Smartsheet from $43.00 to $51.00 and gave the company a sector perform rating in a report on Friday. Needham & Company LLC reissued a buy rating and set a $57.00 target price on shares of Smartsheet in a research note on Friday. Morgan Stanley lifted their target price on Smartsheet from $55.00 to $57.00 and gave the company an overweight rating in a research report on Friday. BMO Capital Markets boosted their price target on shares of Smartsheet from $48.00 to $59.00 and gave the stock an outperform rating in a research note on Friday. Finally, Canaccord Genuity Group raised their price objective on shares of Smartsheet from $52.00 to $60.00 and gave the company a buy rating in a research note on Friday. One equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $55.06.

Smartsheet Stock Up 5.9 %

Shares of NYSE SMAR opened at $52.28 on Friday. The firm has a 50-day simple moving average of $47.00 and a 200-day simple moving average of $42.52. The stock has a market capitalization of $7.23 billion, a price-to-earnings 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 earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. The business had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same period last year, the company earned ($0.23) EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, equities research analysts expect that Smartsheet will post -0.21 EPS for the current year.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares of the company’s stock, valued at $823,878. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the sale, the insider now owns 17,100 shares of the company’s stock, valued at approximately $823,878. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $48.00, for a total value of $96,192.00. Following the completion of the sale, the chief operating officer now directly owns 61,791 shares of the company’s stock, valued at $2,965,968. 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. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SMAR. Norges Bank acquired a new position in Smartsheet during the fourth quarter worth $68,879,000. Swedbank AB acquired a new position in Smartsheet during the first quarter worth about $38,388,000. Granahan Investment Management LLC grew its position in shares of Smartsheet by 908.1% in the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after purchasing an additional 937,483 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Smartsheet by 188.0% in the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after purchasing an additional 881,004 shares during the last quarter. Finally, Engaged Capital LLC acquired a new position in shares of Smartsheet during the 2nd quarter worth approximately $29,600,000. 90.01% of the stock is owned by hedge funds and other 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.