Smartsheet (NYSE:SMAR) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a report released on Thursday, Zacks.com reports. The brokerage presently has a $74.00 target price on the stock. Zacks Investment Research's price target suggests a potential upside of 12.14% from the company's previous close.
According to Zacks, "Smartsheet Inc. provides software solutions. It offers mobile applications, pre-built templates and integrations with cloud applications such as Box, Dropbox, Salesforce, Google Drive and Zapier. Smartsheet Inc is based in Washington, United States. "
SMAR has been the topic of a number of other research reports. Truist lifted their target price on Smartsheet from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, September 8th. Needham & Company LLC lifted their target price on Smartsheet from $80.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, September 8th. William Blair reaffirmed a "buy" rating on shares of Smartsheet in a research report on Wednesday, September 8th. BMO Capital Markets boosted their price target on Smartsheet from $78.00 to $90.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 8th. Finally, Oppenheimer boosted their price target on Smartsheet from $85.00 to $95.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 8th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, Smartsheet presently has a consensus rating of "Buy" and an average target price of $85.76.
Shares of SMAR opened at $65.99 on Thursday. Smartsheet has a 1 year low of $48.62 and a 1 year high of $85.65. The stock has a market cap of $8.31 billion, a P/E ratio of -57.89 and a beta of 1.41. The stock's 50-day moving average price is $72.73 and its two-hundred day moving average price is $67.76.
Smartsheet (NYSE:SMAR) last released its quarterly earnings results on Monday, September 6th. The company reported ($0.05) EPS for the quarter, topping the Zacks' consensus estimate of ($0.13) by $0.08. The company had revenue of $131.74 million for the quarter, compared to analyst estimates of $125.47 million. Smartsheet had a negative return on equity of 24.57% and a negative net margin of 31.00%. Smartsheet's revenue was up 44.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.06) earnings per share. Equities analysts expect that Smartsheet will post -1.35 earnings per share for the current fiscal year.
In other news, Director Brent Frei sold 200,000 shares of the business's stock in a transaction on Thursday, September 9th. The stock was sold at an average price of $73.19, for a total transaction of $14,638,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Geoffrey T. Barker sold 6,750 shares of the business's stock in a transaction on Wednesday, October 6th. The stock was sold at an average price of $66.01, for a total value of $445,567.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 280,363 shares of company stock valued at $20,472,348. Corporate insiders own 6.07% of the company's stock.
Institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in shares of Smartsheet by 86.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,197,461 shares of the company's stock valued at $231,240,000 after buying an additional 1,486,732 shares during the last quarter. Dorsey Asset Management LLC grew its position in shares of Smartsheet by 111.4% in the 1st quarter. Dorsey Asset Management LLC now owns 2,720,798 shares of the company's stock valued at $173,913,000 after buying an additional 1,433,608 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Smartsheet in the 2nd quarter valued at about $100,410,000. FMR LLC grew its position in shares of Smartsheet by 754,292.5% in the 1st quarter. FMR LLC now owns 1,214,572 shares of the company's stock valued at $49,542,000 after buying an additional 1,214,411 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of Smartsheet by 210.0% in the 1st quarter. Morgan Stanley now owns 1,761,205 shares of the company's stock valued at $112,576,000 after buying an additional 1,193,105 shares during the last quarter. 87.47% of the stock is 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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