Smartsheet (NYSE:SMAR) Stock Rating Lowered by Royal Bank of Canada

Friday, June 11, 2021 | MarketBeat

Smartsheet (NYSE:SMAR) was downgraded by research analysts at Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a research note issued to investors on Friday, Briefing.com reports. They currently have a $65.00 price objective on the stock, down from their previous price objective of $80.00. Royal Bank of Canada's price target suggests a potential upside of 1.58% from the stock's previous close.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company dropped their target price on Smartsheet from $72.00 to $70.00 and set an "equal weight" rating for the company in a report on Thursday, June 3rd. KeyCorp raised their price target on Smartsheet from $82.00 to $84.00 and gave the company an "overweight" rating in a report on Wednesday, March 17th. DA Davidson reiterated a "neutral" rating on shares of Smartsheet in a research report on Wednesday, May 5th. BMO Capital Markets decreased their price objective on Smartsheet from $86.00 to $83.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 17th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded Smartsheet from a "sell" rating to a "hold" rating in a research report on Wednesday, May 19th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of "Buy" and a consensus target price of $75.81.

NYSE:SMAR opened at $63.99 on Friday. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of -68.07 and a beta of 1.40. Smartsheet has a 1-year low of $40.21 and a 1-year high of $85.43. The company's fifty day simple moving average is $60.20.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Tuesday, June 1st. The company reported ($0.09) EPS for the quarter, topping the Zacks' consensus estimate of ($0.14) by $0.05. Smartsheet had a negative return on equity of 21.58% and a negative net margin of 29.83%. The company had revenue of $117.08 million during the quarter, compared to the consensus estimate of $114.76 million. During the same quarter last year, the company earned ($0.11) EPS. The company's quarterly revenue was up 37.0% on a year-over-year basis. As a group, sell-side analysts predict that Smartsheet will post -1.43 EPS for the current year.

In other news, CRO Michael Arntz sold 9,000 shares of the company's stock in a transaction on Wednesday, March 24th. The shares were sold at an average price of $66.80, for a total transaction of $601,200.00. Following the completion of the transaction, the executive now directly owns 24,519 shares in the company, valued at $1,637,869.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eugene Farrell sold 16,000 shares of the stock in a transaction on Thursday, March 25th. The shares were sold at an average price of $62.02, for a total value of $992,320.00. Following the completion of the sale, the insider now owns 41,661 shares of the company's stock, valued at $2,583,815.22. The disclosure for this sale can be found here. Insiders have sold 216,394 shares of company stock valued at $13,617,501 over the last quarter. Company insiders own 6.07% of the company's stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of SMAR. Bessemer Group Inc. bought a new position in shares of Smartsheet during the 4th quarter worth about $33,000. Oder Investment Management LLC bought a new position in Smartsheet in the 4th quarter valued at about $40,000. NN Investment Partners Holdings N.V. bought a new position in Smartsheet in the 1st quarter valued at about $89,000. Panagora Asset Management Inc. bought a new position in Smartsheet in the 1st quarter valued at about $113,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its position in Smartsheet by 40.0% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,100 shares of the company's stock valued at $134,000 after acquiring an additional 600 shares in the last quarter. Institutional investors and hedge funds own 87.24% of the company's stock.

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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