Smartsheet Inc (NYSE:SMAR) Receives $53.18 Consensus PT from Brokerages

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Shares of Smartsheet Inc (NYSE:SMAR) have received an average recommendation of “Buy” from the eighteen ratings firms that are covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $53.18.

SMAR has been the topic of several research reports. Canaccord Genuity lifted their target price on Smartsheet from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Needham & Company LLC initiated coverage on Smartsheet in a report on Thursday, June 25th. They set a “buy” rating and a $67.00 price objective on the stock. Wells Fargo & Co initiated coverage on Smartsheet in a research note on Tuesday, June 23rd. They set an “equal weight” rating and a $50.00 price target on the stock. JPMorgan Chase & Co. lowered Smartsheet from an “overweight” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research note on Thursday, April 23rd. Finally, Oppenheimer lifted their target price on Smartsheet from $48.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, June 4th.

Shares of NYSE:SMAR opened at $47.74 on Thursday. Smartsheet has a 52-week low of $30.91 and a 52-week high of $60.45. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.85 and a current ratio of 2.85. The stock has a 50 day moving average price of $49.58 and a 200-day moving average price of $48.37. The firm has a market capitalization of $5.72 billion, a P/E ratio of -53.64 and a beta of 1.60.

Smartsheet (NYSE:SMAR) last issued its earnings results on Wednesday, June 3rd. The company reported ($0.11) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.08. The business had revenue of $85.50 million during the quarter, compared to analyst estimates of $81.40 million. Smartsheet had a negative return on equity of 19.19% and a negative net margin of 34.62%. Smartsheet’s revenue was up 52.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.12) EPS. On average, equities analysts forecast that Smartsheet will post -1.14 EPS for the current fiscal year.

In other Smartsheet news, insider Kara Hamilton sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $54.21, for a total transaction of $542,100.00. Following the completion of the transaction, the insider now owns 13,452 shares in the company, valued at approximately $729,232.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 40,000 shares of the firm’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $55.26, for a total value of $2,210,400.00. Following the completion of the sale, the chief executive officer now owns 765,163 shares in the company, valued at $42,282,907.38. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 517,170 shares of company stock worth $26,431,668. Company insiders own 10.20% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Advisor Group Inc. grew its position in Smartsheet by 42.6% during the 4th quarter. Advisor Group Inc. now owns 830 shares of the company’s stock worth $37,000 after purchasing an additional 248 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Smartsheet during the first quarter worth about $42,000. Emerald Mutual Fund Advisers Trust acquired a new position in Smartsheet during the 2nd quarter worth approximately $54,000. Valeo Financial Advisors LLC grew its holdings in Smartsheet by 196.1% during the first quarter. Valeo Financial Advisors LLC now owns 1,510 shares of the company’s stock worth $67,000 after acquiring an additional 1,000 shares during the period. Finally, Parallel Advisors LLC purchased a new stake in shares of Smartsheet during the 2nd quarter worth $76,000. 88.65% of the stock is currently owned by institutional investors.

Smartsheet Company Profile

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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