Smartsheet Inc (SMAR) Given Average Recommendation of “Buy” by Brokerages

Shares of Smartsheet Inc (NYSE:SMAR) have earned a consensus rating of “Buy” from the twelve ratings firms that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $48.90.

Several analysts have commented on the stock. Zacks Investment Research cut shares of Smartsheet from a “buy” rating to a “hold” rating in a research note on Tuesday, February 5th. Needham & Company LLC assumed coverage on shares of Smartsheet in a research note on Thursday, April 11th. They set a “buy” rating and a $45.00 price objective for the company. Oppenheimer assumed coverage on shares of Smartsheet in a research note on Thursday, April 4th. They set an “outperform” rating and a $50.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on shares of Smartsheet from $33.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Finally, Morgan Stanley lifted their price objective on shares of Smartsheet from $34.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th.

In related news, Director Brent Frei sold 56,533 shares of the business’s stock in a transaction on Wednesday, January 30th. The shares were sold at an average price of $29.96, for a total value of $1,693,728.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CRO Michael Arntz sold 3,055 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $49.00, for a total transaction of $149,695.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,372,009 shares of company stock valued at $51,170,804.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Whale Rock Capital Management LLC lifted its stake in shares of Smartsheet by 320.6% in the 4th quarter. Whale Rock Capital Management LLC now owns 2,687,999 shares of the company’s stock valued at $66,824,000 after purchasing an additional 2,048,846 shares during the period. CI Investments Inc. acquired a new position in shares of Smartsheet in the 4th quarter valued at $40,607,000. Capital International Investors acquired a new position in shares of Smartsheet in the 3rd quarter valued at $32,354,000. BlackRock Inc. lifted its stake in shares of Smartsheet by 8.0% in the 4th quarter. BlackRock Inc. now owns 811,452 shares of the company’s stock valued at $20,173,000 after purchasing an additional 60,037 shares during the period. Finally, Morgan Stanley lifted its stake in shares of Smartsheet by 1,011.4% in the 3rd quarter. Morgan Stanley now owns 592,133 shares of the company’s stock valued at $18,510,000 after purchasing an additional 538,853 shares during the period. Hedge funds and other institutional investors own 49.81% of the company’s stock.

SMAR stock traded up $0.46 during trading on Friday, reaching $40.15. The company had a trading volume of 1,684,265 shares, compared to its average volume of 1,265,112. The stock has a market capitalization of $4.24 billion and a PE ratio of -64.76. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.01. Smartsheet has a twelve month low of $18.06 and a twelve month high of $49.04.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Tuesday, March 19th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.12. Smartsheet had a negative net margin of 30.32% and a negative return on equity of 49.01%. The business had revenue of $52.20 million during the quarter, compared to analysts’ expectations of $49.72 million. The firm’s revenue was up 58.2% on a year-over-year basis. On average, equities research analysts expect that Smartsheet will post -1 earnings per share for the current year.

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.

Further Reading: Fiduciary

Analyst Recommendations for Smartsheet (NYSE:SMAR)

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