Smartsheet (NYSE:SMAR) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Smartsheet (NYSE:SMAR) in a research note published on Thursday morning, Benzinga reports. They currently have a $57.00 target price on the stock.

Several other equities research analysts also recently weighed in on SMAR. JPMorgan Chase & Co. cut their price target on Smartsheet from $54.00 to $50.00 and set an overweight rating on the stock in a report on Friday, March 15th. Canaccord Genuity Group cut their price target on Smartsheet from $55.00 to $45.00 and set a buy rating on the stock in a report on Monday, March 18th. UBS Group cut their price target on Smartsheet from $60.00 to $54.00 and set a buy rating on the stock in a report on Friday, March 15th. DA Davidson cut their price target on Smartsheet from $65.00 to $55.00 and set a buy rating on the stock in a report on Friday, March 15th. Finally, Jefferies Financial Group cut their price target on Smartsheet from $57.00 to $50.00 and set a buy rating on the stock in a report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $51.75.

Smartsheet Trading Up 0.0 %

SMAR stock opened at $44.29 on Thursday. The company has a market capitalization of $6.09 billion, a PE ratio of -71.44 and a beta of 0.74. Smartsheet has a 12-month low of $35.52 and a 12-month high of $49.42. The business’s fifty day moving average price is $39.10 and its 200 day moving average price is $42.36.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.17. The firm had revenue of $256.95 million for the quarter, compared to the consensus estimate of $254.99 million. Smartsheet had a negative return on equity of 12.42% and a negative net margin of 8.35%. Research analysts predict that Smartsheet will post -0.43 EPS for the current fiscal year.

Insider Activity at Smartsheet

In related news, CRO Michael Arntz sold 7,702 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $39.44, for a total value of $303,766.88. Following the completion of the sale, the executive now directly owns 12,718 shares of the company’s stock, valued at approximately $501,597.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Smartsheet news, COO Stephen Robert Branstetter sold 5,737 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total transaction of $219,268.14. Following the completion of the sale, the chief operating officer now directly owns 67,801 shares of the company’s stock, valued at approximately $2,591,354.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Michael Arntz sold 7,702 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $39.44, for a total value of $303,766.88. Following the sale, the executive now directly owns 12,718 shares of the company’s stock, valued at $501,597.92. The disclosure for this sale can be found here. Insiders sold a total of 28,770 shares of company stock valued at $1,132,791 in the last three months. 4.52% of the stock is currently owned by company insiders.

Institutional Trading of Smartsheet

Hedge funds have recently added to or reduced their stakes in the stock. McGlone Suttner Wealth Management Inc. acquired a new stake in Smartsheet during the 4th quarter worth approximately $33,000. Allworth Financial LP lifted its position in Smartsheet by 2,503.4% during the 4th quarter. Allworth Financial LP now owns 755 shares of the company’s stock worth $36,000 after acquiring an additional 726 shares during the period. Banque Cantonale Vaudoise acquired a new stake in Smartsheet during the 1st quarter worth approximately $29,000. Plato Investment Management Ltd acquired a new stake in Smartsheet during the 1st quarter worth approximately $35,000. Finally, Advisors Asset Management Inc. lifted its position in Smartsheet by 24.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after acquiring an additional 360 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

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.