Smartsheet (NYSE:SMAR) Downgraded by Wedbush to Neutral

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Wedbush cut shares of Smartsheet (NYSE:SMAR) from an outperform rating to a neutral rating in a report issued on Monday, Briefing.com Automated Import reports. They currently have $42.00 price objective on the stock, down from their previous price objective of $62.00. Wedbush also issued estimates for Smartsheet’s FY2021 earnings at ($1.09) EPS and FY2022 earnings at ($1.15) EPS.

A number of other equities research analysts have also recently issued reports on SMAR. Berenberg Bank started coverage on Smartsheet in a research report on Thursday, October 10th. They set a buy rating and a $48.00 target price for the company. Oppenheimer decreased their target price on Smartsheet from $58.00 to $53.00 and set an outperform rating for the company in a research report on Wednesday, October 2nd. Canaccord Genuity decreased their target price on Smartsheet from $53.00 to $45.00 and set a buy rating for the company in a research report on Wednesday, October 2nd. Royal Bank of Canada decreased their target price on Smartsheet from $60.00 to $53.00 and set an outperform rating for the company in a research report on Thursday, October 3rd. Finally, DA Davidson decreased their target price on Smartsheet to $38.00 and set a neutral rating for the company in a research report on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Smartsheet presently has a consensus rating of Buy and a consensus target price of $50.07.

Shares of NYSE SMAR opened at $39.20 on Monday. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of -63.23 and a beta of 1.95. The business has a 50 day simple moving average of $38.68 and a 200 day simple moving average of $44.51. Smartsheet has a 52 week low of $20.34 and a 52 week high of $55.79. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.50 and a current ratio of 3.50.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.09. The business had revenue of $64.64 million during the quarter, compared to analysts’ expectations of $63.55 million. Smartsheet had a negative return on equity of 24.74% and a negative net margin of 30.10%. The firm’s quarterly revenue was up 52.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.08) EPS. On average, analysts predict that Smartsheet will post -0.92 EPS for the current year.

In other news, Director Geoffrey T. Barker sold 16,700 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $51.02, for a total transaction of $852,034.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $37.87, for a total value of $1,136,100.00. Following the transaction, the chief executive officer now owns 941,636 shares of the company’s stock, valued at $35,659,755.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 799,172 shares of company stock valued at $32,801,758. Corporate insiders own 24.73% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Meadow Creek Investment Management LLC lifted its holdings in shares of Smartsheet by 76.9% during the second quarter. Meadow Creek Investment Management LLC now owns 1,840 shares of the company’s stock worth $89,000 after buying an additional 800 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new position in shares of Smartsheet during the second quarter worth approximately $93,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Smartsheet during the second quarter worth approximately $111,000. Systematic Financial Management LP acquired a new position in shares of Smartsheet during the second quarter worth approximately $118,000. Finally, Neuburgh Advisers LLC lifted its holdings in shares of Smartsheet by 76.9% during the second quarter. Neuburgh Advisers LLC now owns 2,530 shares of the company’s stock worth $122,000 after buying an additional 1,100 shares during the last quarter. Institutional investors own 76.23% of the company’s stock.

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.

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Analyst Recommendations for Smartsheet (NYSE:SMAR)

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