Smartsheet Inc (NYSE:SMAR) Receives $56.50 Consensus Target Price from Analysts

Smartsheet Inc (NYSE:SMAR) has been given a consensus rating of “Hold” by the nineteen brokerages that are currently covering the firm, MarketBeat.com reports. Seventeen investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $56.50.

A number of brokerages have recently commented on SMAR. Needham & Company LLC reaffirmed a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th. Guggenheim lowered Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th.

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 2,000 shares of Smartsheet stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $55.99, for a total transaction of $111,980.00. Following the completion of the transaction, the insider now directly owns 19,739 shares of the company’s stock, valued at $1,105,186.61. This trade represents a 9.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 47,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $55.96, for a total transaction of $2,681,379.36. Following the sale, the chief executive officer now directly owns 624,356 shares in the company, valued at $34,938,961.76. This represents a 7.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,916 shares of company stock valued at $3,186,069 in the last 90 days. 4.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Smartsheet

Several institutional investors have recently bought and sold shares of SMAR. SBI Securities Co. Ltd. acquired a new stake in shares of Smartsheet in the fourth quarter valued at $25,000. Fifth Third Bancorp bought a new stake in Smartsheet during the 4th quarter worth about $26,000. Brooklyn Investment Group acquired a new stake in Smartsheet in the 3rd quarter valued at about $28,000. EverSource Wealth Advisors LLC raised its stake in shares of Smartsheet by 737.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 536 shares of the company’s stock worth $30,000 after acquiring an additional 472 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of Smartsheet by 123.2% during the third quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after purchasing an additional 398 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Smartsheet Price Performance

NYSE:SMAR opened at $56.47 on Friday. Smartsheet has a one year low of $35.52 and a one year high of $56.55. The company has a fifty day moving average price of $56.38 and a 200 day moving average price of $55.05. The stock has a market cap of $7.91 billion, a P/E ratio of -941.17, a PEG ratio of 82.90 and a beta of 0.71.

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.