Smartsheet Inc (NYSE:SMAR) Given Consensus Recommendation of “Moderate Buy” by Analysts

Smartsheet Inc (NYSE:SMAR) has earned an average recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $49.75.

SMAR has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their price objective on shares of Smartsheet from $55.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Canaccord Genuity Group lowered their price objective on shares of Smartsheet from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, March 18th. Bank of America started coverage on shares of Smartsheet in a research report on Monday, February 26th. They set an “underperform” rating and a $45.00 price objective for the company. BMO Capital Markets decreased their price target on shares of Smartsheet from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, March 18th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Smartsheet from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 15th.

Smartsheet Price Performance

Shares of NYSE SMAR opened at $38.84 on Friday. The company has a 50 day simple moving average of $39.03 and a 200-day simple moving average of $42.33. The company has a market capitalization of $5.34 billion, a P/E ratio of -49.16 and a beta of 0.73. Smartsheet has a 1 year low of $35.52 and a 1 year high of $52.81.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.17. The business had revenue of $256.95 million during the quarter, compared to the consensus estimate of $254.99 million. Smartsheet had a negative net margin of 10.92% and a negative return on equity of 16.57%. As a group, research analysts expect that Smartsheet will post -0.43 EPS for the current year.

Insider Buying and Selling

In related news, CRO Michael Arntz sold 7,702 shares of Smartsheet stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $39.44, for a total transaction of $303,766.88. Following the sale, the executive now directly owns 12,718 shares in the company, valued at approximately $501,597.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Stephen Robert Branstetter sold 5,737 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $38.22, for a total value 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 $2,591,354.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CRO Michael Arntz sold 7,702 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $39.44, for a total transaction 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 $501,597.92. The disclosure for this sale can be found here. Insiders have sold 23,568 shares of company stock worth $914,723 in the last ninety days. 4.71% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System raised its holdings in Smartsheet by 5.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 128,873 shares of the company’s stock worth $4,962,000 after purchasing an additional 6,260 shares in the last quarter. Entropy Technologies LP purchased a new position in Smartsheet during the first quarter worth about $990,000. Motley Fool Asset Management LLC raised its holdings in Smartsheet by 277.4% during the first quarter. Motley Fool Asset Management LLC now owns 271,832 shares of the company’s stock worth $10,466,000 after purchasing an additional 199,798 shares in the last quarter. Qsemble Capital Management LP raised its holdings in Smartsheet by 144.4% during the first quarter. Qsemble Capital Management LP now owns 41,098 shares of the company’s stock worth $1,582,000 after purchasing an additional 24,281 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after purchasing an additional 24,823 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.