Brokerages Set Smartsheet Inc (NYSE:SMAR) PT at $55.82

Shares of Smartsheet Inc (NYSE:SMAR) have been assigned a consensus rating of “Hold” from the twenty research firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seventeen have given a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $55.82.

A number of brokerages recently issued reports on SMAR. Needham & Company LLC restated a “hold” rating on shares of Smartsheet in a research report on Friday, December 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $56.50 price target on shares of Smartsheet in a research note on Thursday, October 24th. Finally, Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th.

Insider Activity

In other news, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the transaction, the insider now directly owns 18,695 shares of the company’s stock, valued at $1,045,424.40. This trade represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $56.07, for a total value of $280,350.00. Following the sale, the chief executive officer now owns 619,515 shares of the company’s stock, valued at approximately $34,736,206.05. This represents a 0.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,121 shares of company stock worth $3,365,293. 4.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

A number of hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC grew its holdings in shares of Smartsheet by 0.3% in the 4th quarter. Corient Private Wealth LLC now owns 84,268 shares of the company’s stock valued at $4,722,000 after buying an additional 289 shares during the period. Ironwood Investment Management LLC raised its position in shares of Smartsheet by 1.6% in the 4th quarter. Ironwood Investment Management LLC now owns 11,635 shares of the company’s stock valued at $652,000 after buying an additional 183 shares in the last quarter. Poinciana Advisors Group LLC acquired a new position in shares of Smartsheet during the 4th quarter worth $356,000. Picton Mahoney Asset Management boosted its stake in shares of Smartsheet by 10.4% in the 4th quarter. Picton Mahoney Asset Management now owns 945,500 shares of the company’s stock valued at $52,976,000 after purchasing an additional 88,759 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in Smartsheet by 300.0% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 40,000 shares of the company’s stock worth $2,241,000 after purchasing an additional 30,000 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Stock Performance

Shares of NYSE SMAR opened at $56.47 on Tuesday. The firm has a market cap of $7.91 billion, a PE ratio of -941.17, a PEG ratio of 82.90 and a beta of 0.71. Smartsheet has a one year low of $35.52 and a one year high of $56.55. The firm has a fifty day moving average of $56.21 and a 200 day moving average of $53.91.

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.