Brokerages Set Smartsheet Inc (NYSE:SMAR) PT at $49.75

Shares of Smartsheet Inc (NYSE:SMAR - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the sixteen analysts that are currently covering the company, Marketbeat reports. One 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 12 month price objective among brokerages that have covered the stock in the last year is $49.75.

Several equities analysts recently commented on SMAR shares. Barclays cut their price target on shares of Smartsheet from $50.00 to $40.00 and set an "equal weight" rating on the stock in a report on Friday, March 15th. Needham & Company LLC reiterated a "buy" rating and set a $57.00 price target on shares of Smartsheet in a report on Friday, March 15th. Bank of America assumed coverage on shares of Smartsheet in a research report on Monday, February 26th. They issued an "underperform" rating and a $45.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective 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. Finally, 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.

Smartsheet Stock Performance

Shares of Smartsheet stock traded down $2.17 during trading hours on Thursday, reaching $37.08. The company's stock had a trading volume of 2,243,722 shares, compared to its average volume of 1,459,775. The firm has a 50 day moving average price of $39.02 and a 200-day moving average price of $42.46. Smartsheet has a one year low of $35.52 and a one year high of $52.81.

Smartsheet (NYSE:SMAR - Get Free Report) last posted its earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.22) by $0.17. Smartsheet had a negative net margin of 10.92% and a negative return on equity of 16.57%. The firm had revenue of $256.95 million for the quarter, compared to the consensus estimate of $254.99 million. On average, equities research analysts forecast that Smartsheet will post -0.43 EPS for the current fiscal year.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CRO Michael Arntz sold 7,702 shares of the company's stock in a transaction that occurred 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 transaction, the executive now 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 at the SEC website. In other Smartsheet news, CRO Michael Arntz sold 7,702 shares of the company's stock in a transaction that occurred 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 transaction, the executive now 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 at the SEC website. Also, CFO Pete Godbole sold 5,202 shares of the company's stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total transaction of $218,067.84. Following the transaction, the chief financial officer now owns 44,346 shares in the company, valued at approximately $1,858,984.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,770 shares of company stock worth $1,132,791. 4.52% of the stock is owned by corporate insiders.

Institutional Trading of Smartsheet

A number of hedge funds and other institutional investors 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% in the third quarter. Treasurer of the State of North Carolina now owns 55,099 shares of the company's stock worth $2,229,000 after acquiring an additional 280 shares during the period. Cornercap Investment Counsel Inc. increased its stake in shares of 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 acquiring an additional 285 shares during the period. Advisors Asset Management Inc. increased its stake in shares of 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 acquiring an additional 360 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of 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 acquiring an additional 402 shares during the period. Finally, Avior Wealth Management LLC increased its stake in shares of 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 acquiring an additional 441 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

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.