Pilgrims boss Sheridan led his team to a run of four wins in six fixtures to guide them out of the relegation places and becomes the first manager to win the prize at Home Park since Paul Sturrock in 2003.
Sheridan told Sky Sports News: "It is down to the players. I came in with 19 games to go and the players have responded really well.
"We still have not done anything yet. We have won four of our last six games but with four games to do we are still in a precarious position and we need to work hard to stay in this division.
"We know what is at stake and what we have to do. We will try and win every game and get points as quickly as possible to avoid it going to the last game. If it does, then we will be prepared and ready for it."
Winger Banton, on loan from Championship side Crystal Palace, was instrumental in Plymouth's run and scored three goals in March, including a Devon derby winner against Exeter to move Argyle five points clear of the drop zone.
"I'm happy," the 20-year-old told the club's official website.
"The recognition is good, but this sort of thing has not been in my mind since I've been here because it's been a dog-fight, trying to stay in the league.
"To get recognised with the club in the position where we are is a good thing."