why Smartsheet Inc. [SMAR] is a Good Choice for Investors After New Price Target of $47.24

Smartsheet Inc. [NYSE: SMAR] traded at a high on 03/15/23, posting a 17.77 gain after which it closed the day’ session at $45.13. The company report on March 14, 2023 that Smartsheet Announces New Board Leadership.

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Mike Gregoire takes on leadership role as new board chair.

Smartsheet (NYSE: SMAR), the enterprise platform for modern work management, announced that the Executive Committee of its Board of Directors has appointed Smartsheet director Mike Gregoire as board chair. Effective March 9, 2023, Gregoire succeeds Geoffrey Barker, who has served as board chair since 2017 and will remain a member of the board.

The results of the trading session contributed to over 6417431 shares changing hands. Over the past one week, the price volatility of Smartsheet Inc. stands at 7.68% while the volatility over the past one month is 4.37%.

The market cap for SMAR stock reached $6.44 billion, with 130.63 million shares outstanding and 126.81 million shares in the current float. Compared to the average trading volume of 1.30M shares, SMAR reached a trading volume of 6417431 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Smartsheet Inc. [SMAR]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SMAR shares is $47.24 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SMAR stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Barclays have made an estimate for Smartsheet Inc. shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on December 15, 2022. While these analysts kept the previous recommendation, KeyBanc Capital Markets raised their target price to Overweight. The new note on the price target was released on October 13, 2022, representing the official price target for Smartsheet Inc. stock. Previously, the target price had yet another raise to $40, while Credit Suisse analysts kept a Neutral rating on SMAR stock.

The Average True Range (ATR) for Smartsheet Inc. is set at 2.45, with the Price to Sales ratio for SMAR stock in the period of the last 12 months amounting to 9.05. The Price to Book ratio for the last quarter was 12.47, with the Price to Cash per share for the same quarter was set at 3.05.

How has SMAR stock performed recently?

Smartsheet Inc. [SMAR] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.80. With this latest performance, SMAR shares gained by 4.69% in over the last four-week period, additionally plugging by 17.93% over the last 6 months – not to mention a rise of 4.47% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SMAR stock in for the last two-week period is set at 55.58, with the RSI for the last a single of trading hit 58.16, and the three-weeks RSI is set at 54.79 for Smartsheet Inc. [SMAR]. The present Moving Average for the last 50 days of trading for this stock 42.69, while it was recorded at 41.19 for the last single week of trading, and 36.10 for the last 200 days.

Smartsheet Inc. [SMAR]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Smartsheet Inc. [SMAR] shares currently have an operating margin of -30.85 and a Gross Margin at +78.86. Smartsheet Inc.’s Net Margin is presently recorded at -31.06.

Return on Equity for this stock declined to -33.17, with Return on Assets sitting at -17.87.

Smartsheet Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.30.

Insider trade positions for Smartsheet Inc. [SMAR]

There are presently around $5,350 million, or 92.30% of SMAR stock, in the hands of institutional investors. The top three institutional holders of SMAR stocks are: CAPITAL WORLD INVESTORS with ownership of 14,456,010, which is approximately -5.293% of the company’s market cap and around 2.50% of the total institutional ownership; VANGUARD GROUP INC, holding 12,181,840 shares of the stock with an approximate value of $549.77 million in SMAR stocks shares; and BLACKROCK INC., currently with $304.2 million in SMAR stock with ownership of nearly 2.663% of the company’s market capitalization.

173 institutional holders increased their position in Smartsheet Inc. [NYSE:SMAR] by around 10,241,192 shares. Additionally, 153 investors decreased positions by around 9,392,639 shares, while 38 investors held positions by with 98,908,855 shares. The mentioned changes placed institutional holdings at 118,542,686 shares, according to the latest SEC report filing. SMAR stock had 76 new institutional investments in for a total of 3,860,954 shares, while 37 institutional investors sold positions of 1,826,500 shares during the same period.


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