Analysts Set Smartsheet Inc (NYSE:SMAR) Price Target at $55.82

Smartsheet Inc (NYSE:SMAR - Get Free Report) has received a consensus rating of "Hold" from the twenty ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $55.82.

A number of brokerages have recently weighed in on SMAR. Citigroup restated a "neutral" rating and issued a $56.50 target price (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. UBS Group reissued a "neutral" rating and issued a $56.50 price target (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. Jefferies Financial Group reissued a "hold" rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, DA Davidson restated a "neutral" rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th.

Smartsheet Price Performance

Shares of SMAR traded up $0.17 during trading hours on Friday, hitting $56.37. The stock had a trading volume of 6,241,615 shares, compared to its average volume of 3,533,552. The firm has a 50 day simple moving average of $56.01 and a 200-day simple moving average of $52.16. Smartsheet has a 1-year low of $35.52 and a 1-year high of $56.55. The firm has a market capitalization of $7.89 billion, a P/E ratio of -939.50, a price-to-earnings-growth ratio of 82.24 and a beta of 0.71.

Insider Activity at Smartsheet

In related news, CEO Mark Patrick Mader sold 47,916 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $55.96, for a total value of $2,681,379.36. Following the transaction, the chief executive officer now owns 624,356 shares of the company's stock, valued at $34,938,961.76. This represents a 7.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the sale, the insider now directly owns 18,695 shares of the company's stock, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,121 shares of company stock valued at $3,645,543. Company insiders own 4.52% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Brooklyn Investment Group bought a new position in shares of Smartsheet during the 3rd quarter valued at $28,000. Raleigh Capital Management Inc. bought a new position in shares of Smartsheet during the third quarter valued at about $31,000. Waldron Private Wealth LLC purchased a new position in shares of Smartsheet in the third quarter worth about $33,000. Farther Finance Advisors LLC increased its stake in Smartsheet by 123.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company's stock worth $40,000 after purchasing an additional 398 shares during the period. Finally, True Wealth Design LLC purchased a new position in Smartsheet during the 3rd quarter valued at $41,000. 90.01% of the stock is currently owned by 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.