UBS Group Increases Smartsheet (NYSE:SMAR) Price Target to $56.00

Smartsheet (NYSE:SMAR) had its price objective hoisted by UBS Group from $54.00 to $56.00 in a research report report published on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently issued reports on SMAR. Royal Bank of Canada lifted their price target on Smartsheet from $36.00 to $43.00 and gave the company a sector perform rating in a research report on Thursday. Barclays lifted their price target on Smartsheet from $40.00 to $45.00 and gave the company an equal weight rating in a research report on Thursday. KeyCorp assumed coverage on Smartsheet in a research report on Thursday, March 21st. They set a sector weight rating for the company. JPMorgan Chase & Co. dropped their price target on Smartsheet from $54.00 to $50.00 and set an overweight rating for the company in a research report on Friday, March 15th. Finally, Canaccord Genuity Group lifted their price target on Smartsheet from $45.00 to $52.00 and gave the company a buy rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $51.75.

Smartsheet Stock Up 0.0 %

SMAR stock opened at $44.29 on Thursday. The firm has a market capitalization of $6.09 billion, a PE ratio of -71.43 and a beta of 0.74. Smartsheet has a twelve month low of $35.52 and a twelve month high of $49.42. The stock has a 50-day simple moving average of $39.10 and a two-hundred day simple moving average of $42.37.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.17. The business had revenue of $256.95 million during the quarter, compared to analyst estimates of $254.99 million. Smartsheet had a negative return on equity of 12.42% and a negative net margin of 8.35%. On average, equities research analysts anticipate that Smartsheet will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CFO Pete Godbole sold 5,202 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $41.92, for a total value of $218,067.84. Following the completion of the sale, the chief financial officer now owns 44,346 shares in the company, valued at $1,858,984.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Pete Godbole sold 5,202 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $41.92, for a total transaction of $218,067.84. Following the transaction, the chief financial officer now directly owns 44,346 shares of the company’s stock, valued at $1,858,984.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen Robert Branstetter sold 5,737 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $38.22, for a total value of $219,268.14. Following the transaction, the chief operating officer now directly owns 67,801 shares in the company, valued at $2,591,354.22. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,770 shares of company stock worth $1,132,791. 4.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Smartsheet

Several hedge funds have recently made changes to their positions in the business. Treasurer of the State of North Carolina increased its stake in shares of Smartsheet by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 55,099 shares of the company’s stock valued at $2,229,000 after buying an additional 280 shares during the period. Cornercap Investment Counsel Inc. grew its stake in Smartsheet by 1.3% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 22,860 shares of the company’s stock worth $1,093,000 after purchasing an additional 285 shares during the period. Advisors Asset Management Inc. grew its stake in Smartsheet by 24.6% in the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock worth $70,000 after purchasing an additional 360 shares during the period. PNC Financial Services Group Inc. grew its stake in Smartsheet by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock worth $670,000 after purchasing an additional 402 shares during the period. Finally, Avior Wealth Management LLC grew its stake in Smartsheet by 5.9% in the fourth quarter. Avior Wealth Management LLC now owns 7,928 shares of the company’s stock worth $379,000 after purchasing an additional 441 shares during the period. 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.