Smartsheet (NYSE:SMAR) PT Lowered to $51.00

Smartsheet (NYSE:SMAR) had its price target trimmed by KeyCorp from $53.00 to $51.00 in a research note published on Friday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. DA Davidson reduced their price target on shares of Smartsheet from $65.00 to $55.00 and set a buy rating for the company in a report on Friday. Truist Financial boosted their price objective on Smartsheet from $50.00 to $55.00 and gave the stock a buy rating in a research report on Friday, December 8th. Royal Bank of Canada lowered their target price on Smartsheet from $48.00 to $36.00 and set a sector perform rating on the stock in a research note on Friday. Oppenheimer cut their price objective on shares of Smartsheet from $60.00 to $55.00 and set an outperform rating for the company in a report on Friday. Finally, Wells Fargo & Company dropped their price objective on Smartsheet from $55.00 to $47.00 and set an overweight rating for the company in a research note on Friday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $50.18.

Smartsheet Price Performance

SMAR stock traded up $1.13 during trading hours on Friday, reaching $38.65. The stock had a trading volume of 3,173,685 shares, compared to its average volume of 1,431,101. The stock has a 50-day simple moving average of $44.35 and a 200 day simple moving average of $43.18. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $52.81. The stock has a market capitalization of $5.27 billion, a PE ratio of -48.92 and a beta of 0.75.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings results on Thursday, March 14th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.17. Smartsheet had a negative return on equity of 17.12% and a negative net margin of 10.92%. The company had revenue of $256.95 million during the quarter, compared to analysts’ expectations of $254.99 million. On average, sell-side analysts forecast that Smartsheet will post -0.61 EPS for the current fiscal year.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 2,247 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $47.10, for a total transaction of $105,833.70. Following the transaction, the insider now owns 14,376 shares of the company’s stock, valued at approximately $677,109.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Jolene Lau Marshall sold 2,247 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $47.10, for a total transaction of $105,833.70. Following the completion of the transaction, the insider now directly owns 14,376 shares of the company’s stock, valued at $677,109.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CRO Michael Arntz sold 7,572 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $44.81, for a total value of $339,301.32. Following the sale, the executive now directly owns 7,148 shares in the company, valued at approximately $320,301.88. The disclosure for this sale can be found here. Insiders have sold 19,698 shares of company stock valued at $902,656 over the last ninety days. Insiders own 4.71% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. McGlone Suttner Wealth Management Inc. acquired a new position in Smartsheet in the fourth quarter valued at $33,000. Allworth Financial LP raised its stake in shares of Smartsheet by 2,503.4% in the 4th quarter. Allworth Financial LP now owns 755 shares of the company’s stock valued at $36,000 after purchasing an additional 726 shares in the last quarter. Castleview Partners LLC acquired a new stake in Smartsheet during the third quarter worth about $39,000. American International Group Inc. lifted its position in Smartsheet by 23.3% in the 2nd quarter. American International Group Inc. now owns 2,332 shares of the company’s stock valued at $89,000 after purchasing an additional 441 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in Smartsheet during the 3rd quarter worth $105,000. Institutional investors and hedge funds own 88.99% 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.