JPMorgan Chase & Co. Raises Smartsheet (SMAR) Price Target to $45.00

Smartsheet (NYSE:SMAR) had its target price increased by JPMorgan Chase & Co. from $33.00 to $45.00 in a research report issued on Wednesday, The Fly reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 3.59% from the company’s previous close.

SMAR has been the topic of several other reports. Zacks Investment Research cut shares of Smartsheet from a “buy” rating to a “hold” rating in a report on Tuesday, February 5th. Stephens began coverage on shares of Smartsheet in a report on Thursday, January 3rd. They set an “overweight” rating and a $32.00 price target on the stock. Royal Bank of Canada lowered their price target on shares of Smartsheet from $39.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday, November 30th. Finally, Morgan Stanley boosted their price target on shares of Smartsheet from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Tuesday, December 4th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $40.13.

NYSE SMAR opened at $43.44 on Wednesday. Smartsheet has a 1 year low of $18.06 and a 1 year high of $46.29. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.02.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Tuesday, March 19th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.12. Smartsheet had a negative net margin of 32.12% and a negative return on equity of 111.93%. The firm had revenue of $52.20 million for the quarter, compared to analysts’ expectations of $49.72 million. Smartsheet’s revenue was up 58.2% on a year-over-year basis. Equities analysts anticipate that Smartsheet will post -0.6 earnings per share for the current fiscal year.

In related news, Director Brent Frei sold 50,000 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $45.00, for a total value of $2,250,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Kara Hamilton sold 2,500 shares of the company’s stock in a transaction on Wednesday, January 9th. The stock was sold at an average price of $26.00, for a total transaction of $65,000.00. The disclosure for this sale can be found here. Insiders sold 871,133 shares of company stock valued at $28,514,208 over the last quarter.

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in Smartsheet by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 104,097 shares of the company’s stock worth $2,587,000 after acquiring an additional 1,523 shares during the last quarter. Norges Bank acquired a new position in Smartsheet during the 4th quarter worth $3,729,000. CI Investments Inc. acquired a new position in Smartsheet during the 4th quarter worth $40,607,000. Legal & General Group Plc acquired a new position in Smartsheet during the 4th quarter worth $961,000. Finally, Whale Rock Capital Management LLC lifted its position in Smartsheet by 320.6% during the 4th quarter. Whale Rock Capital Management LLC now owns 2,687,999 shares of the company’s stock worth $66,824,000 after acquiring an additional 2,048,846 shares during the last quarter. Hedge funds and other institutional investors own 49.63% of the company’s stock.

About Smartsheet

Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.

Recommended Story: Depreciation

The Fly

Analyst Recommendations for Smartsheet (NYSE:SMAR)

Receive News & Ratings for Smartsheet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Smartsheet and related companies with MarketBeat.com's FREE daily email newsletter.



Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit