Smartsheet (NYSE:SMAR) Receives Buy Rating from Needham & Company LLC

Smartsheet (NYSE:SMARGet Free Report)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report issued on Friday, Benzinga reports. They currently have a $57.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 47.48% from the stock’s previous close.

Several other brokerages have also commented on SMAR. BMO Capital Markets decreased their price objective on Smartsheet from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Monday. Royal Bank of Canada cut their target price on Smartsheet from $48.00 to $36.00 and set a “sector perform” rating on the stock in a research report on Friday. Canaccord Genuity Group cut their target price on Smartsheet from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday. Bank of America initiated coverage on Smartsheet in a research report on Monday, February 26th. They issued an “underperform” rating and a $45.00 target price on the stock. Finally, Truist Financial increased their price target on Smartsheet from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, December 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.18.

Read Our Latest Research Report on SMAR

Smartsheet Stock Up 3.0 %

NYSE SMAR traded up $1.13 during trading hours on Friday, hitting $38.65. 3,173,685 shares of the company were exchanged, compared to its average volume of 1,431,101. The stock has a 50-day moving average price of $44.50 and a 200 day moving average price of $43.20. Smartsheet has a 52 week low of $35.52 and a 52 week high of $52.81. The stock has a market cap of $5.27 billion, a PE ratio of -48.92 and a beta of 0.75.

Smartsheet (NYSE:SMARGet Free Report) last announced its quarterly earnings data on Thursday, March 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $254.99 million. As a group, sell-side analysts anticipate that Smartsheet will post -0.61 earnings per share for the current year.

Insider Activity at Smartsheet

In other Smartsheet news, CRO Michael Arntz sold 7,572 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $44.81, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Jolene Lau Marshall sold 2,247 shares of Smartsheet stock in a transaction on 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 directly owns 12,129 shares of the company’s stock, valued at approximately $546,168.87. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Michael Arntz sold 7,572 shares of Smartsheet stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $44.81, for a total transaction of $339,301.32. Following the sale, the executive now directly owns 7,148 shares of the company’s stock, valued at $320,301.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,698 shares of company stock worth $902,656. Insiders own 4.71% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Several institutional investors have recently modified their holdings of the company. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Smartsheet in the fourth quarter valued at about $33,000. Allworth Financial LP raised its holdings in shares of Smartsheet by 2,503.4% in the fourth quarter. Allworth Financial LP now owns 755 shares of the company’s stock valued at $36,000 after buying an additional 726 shares during the last quarter. Castleview Partners LLC purchased a new stake in shares of Smartsheet in the third quarter valued at about $39,000. American International Group Inc. raised its holdings in shares of Smartsheet by 23.3% in the second quarter. American International Group Inc. now owns 2,332 shares of the company’s stock valued at $89,000 after buying an additional 441 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Smartsheet in the third quarter valued at about $105,000. 88.99% of the stock is owned by hedge funds and other institutional investors.

Smartsheet Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Smartsheet (NYSE:SMAR)

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