Smartsheet Inc (NYSE:SMAR) Given Consensus Recommendation of “Buy” by Analysts

Shares of Smartsheet Inc (NYSE:SMAR) have been assigned an average rating of “Buy” from the eleven research firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $51.00.

Several research analysts have weighed in on the company. Zacks Investment Research raised Smartsheet from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Thursday, June 13th. Needham & Company LLC assumed coverage on Smartsheet in a research report on Thursday, April 11th. They issued a “buy” rating and a $45.00 target price on the stock. Oppenheimer began coverage on Smartsheet in a research report on Thursday, April 4th. They issued an “outperform” rating and a $50.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Smartsheet from $33.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. Finally, Morgan Stanley upped their price target on Smartsheet from $34.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th.

In other news, Director Elena Gomez sold 2,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $39.70, for a total transaction of $99,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Venture Fund L. P. Madrona III sold 5,175,000 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $43.50, for a total value of $225,112,500.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,289,109 shares of company stock valued at $489,643,671. 24.73% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Massachusetts Institute of Technology bought a new stake in Smartsheet during the 4th quarter valued at approximately $8,923,000. Raymond James & Associates bought a new stake in Smartsheet during the 4th quarter valued at approximately $553,000. Clarius Group LLC bought a new stake in Smartsheet during the 4th quarter valued at approximately $4,026,000. Fiera Capital Corp bought a new stake in Smartsheet during the 4th quarter valued at approximately $516,000. Finally, Whale Rock Capital Management LLC boosted its stake 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 valued at $66,824,000 after purchasing an additional 2,048,846 shares during the period. Hedge funds and other institutional investors own 56.63% of the company’s stock.

NYSE:SMAR opened at $46.31 on Wednesday. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.29. Smartsheet has a 1-year low of $20.34 and a 1-year high of $50.64. The company’s fifty day simple moving average is $43.72. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of -74.69 and a beta of 2.15.

Smartsheet (NYSE:SMAR) last issued its earnings results on Wednesday, June 5th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.15. Smartsheet had a negative return on equity of 34.42% and a negative net margin of 30.04%. The company had revenue of $56.19 million for the quarter, compared to analyst estimates of $54.65 million. During the same period in the prior year, the firm posted ($0.12) EPS. The business’s revenue was up 54.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Smartsheet will post -0.97 earnings per share for the current year.

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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