Smartsheet (NYSE:SMAR) PT Lowered to $50.00 at Jefferies Financial Group

Smartsheet (NYSE:SMAR) had its price objective trimmed by Jefferies Financial Group from $57.00 to $50.00 in a research note published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts also recently weighed in on the company. Oppenheimer decreased their price objective on Smartsheet from $60.00 to $55.00 and set an outperform rating for the company in a report on Friday. JPMorgan Chase & Co. decreased their target price on shares of Smartsheet from $54.00 to $50.00 and set an overweight rating for the company in a research report on Friday. Royal Bank of Canada decreased their target price on shares of Smartsheet from $48.00 to $36.00 and set a sector perform rating for the company in a research report on Friday. DA Davidson decreased their price objective on shares of Smartsheet from $65.00 to $55.00 and set a buy rating for the company in a research report on Friday. Finally, Citigroup upgraded shares of Smartsheet from a neutral rating to a buy rating and increased their price objective for the stock from $56.00 to $63.00 in a research report on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $50.18.

Smartsheet Price Performance

SMAR stock traded up $1.13 during midday trading on Friday, reaching $38.65. 3,173,685 shares of the stock were exchanged, compared to its average volume of 1,431,101. Smartsheet has a 52 week low of $35.52 and a 52 week high of $52.81. The company has a fifty day moving average price of $44.35 and a 200 day moving average price of $43.18. 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 released its quarterly earnings data on Thursday, March 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $254.99 million. As a group, analysts anticipate that Smartsheet will post -0.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 2,247 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $45.03, for a total value of $101,182.41. Following the transaction, the insider now owns 12,129 shares in the company, valued at approximately $546,168.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Jolene Lau Marshall sold 2,247 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $45.03, for a total transaction of $101,182.41. Following the completion of the sale, the insider now owns 12,129 shares in the company, valued at $546,168.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Michael Arntz sold 7,572 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $44.81, for a total transaction of $339,301.32. Following the completion of the transaction, the executive now owns 7,148 shares in the company, valued at $320,301.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,698 shares of company stock worth $902,656. 4.71% of the stock is owned by insiders.

Institutional Trading of Smartsheet

A number of large investors have recently bought and sold shares of SMAR. Raymond James & Associates grew its stake in shares of Smartsheet by 4.5% during the 1st quarter. Raymond James & Associates now owns 19,514 shares of the company’s stock worth $1,069,000 after acquiring an additional 845 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in Smartsheet by 10.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 16,949 shares of the company’s stock valued at $928,000 after purchasing an additional 1,567 shares during the last quarter. Citigroup Inc. lifted its holdings in Smartsheet by 7.0% during the first quarter. Citigroup Inc. now owns 25,608 shares of the company’s stock valued at $1,403,000 after purchasing an additional 1,677 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Smartsheet by 8.1% during the first quarter. PNC Financial Services Group Inc. now owns 10,683 shares of the company’s stock valued at $585,000 after purchasing an additional 803 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of Smartsheet during the 1st quarter valued at approximately $431,000. 88.99% of the stock is owned by hedge funds and other 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.