Smartsheet (NYSE:SMAR) PT Raised to $57.00 at Morgan Stanley

Smartsheet (NYSE:SMAR) had its target price lifted by Morgan Stanley from $55.00 to $57.00 in a research note released on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also weighed in on SMAR. UBS Group boosted their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a report on Thursday, August 29th. Truist Financial restated a buy rating and issued a $55.00 price objective on shares of Smartsheet in a report on Monday, August 26th. Barclays boosted their price objective on shares of Smartsheet from $40.00 to $45.00 and gave the stock an equal weight rating in a report on Thursday, June 6th. Canaccord Genuity Group boosted their target price on shares of Smartsheet from $45.00 to $52.00 and gave the company a buy rating in a research note on Thursday, June 6th. Finally, Guggenheim reiterated a buy rating and set a $56.00 target price on shares of Smartsheet in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $55.06.

Smartsheet Stock Up 0.2 %

Shares of SMAR opened at $52.40 on Friday. The business’s 50 day moving average price is $47.16 and its 200-day moving average price is $42.59. Smartsheet has a 52 week low of $35.52 and a 52 week high of $54.28. The stock has a market cap of $7.25 billion, a P/E ratio of -84.52 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.42%. The company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. During the same period in the previous year, the business earned ($0.23) EPS. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, equities analysts anticipate that Smartsheet will post -0.21 EPS for the current year.

Smartsheet declared that its board has authorized a share buyback plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Smartsheet

In other news, CFO Pete Godbole sold 7,244 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 30,786 shares of the company’s stock, valued at $1,268,998.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Stephen Robert Branstetter sold 4,272 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the transaction, the chief operating officer now directly owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Pete Godbole sold 7,244 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $41.22, for a total transaction of $298,597.68. Following the sale, the chief financial officer now directly owns 30,786 shares of the company’s stock, valued at $1,268,998.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,755 shares of company stock worth $1,263,525. 4.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Smartsheet

Several hedge funds have recently modified their holdings of SMAR. International Assets Investment Management LLC purchased a new position in Smartsheet during the second quarter valued at $25,000. Banque Cantonale Vaudoise bought a new position in shares of Smartsheet during the 1st quarter valued at about $29,000. Versant Capital Management Inc bought a new position in shares of Smartsheet during the 2nd quarter valued at about $31,000. Plato Investment Management Ltd purchased a new position in shares of Smartsheet during the first quarter valued at about $35,000. Finally, First Horizon Advisors Inc. increased its holdings in shares of Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.