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. Creason and Brent R. Frei in June 2005 and is headquartered in Bellevue, WA.
Analysts Set New Price Targets
A number of research analysts have commented on SMAR shares. Morgan Stanley dropped their price objective on shares of Smartsheet from $75.00 to $68.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 8th. Guggenheim started coverage on shares of Smartsheet in a report on Friday. They issued a "buy" rating and a $48.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of Smartsheet from $80.00 to $58.00 in a research report on Wednesday, June 8th. Oppenheimer dropped their price objective on Smartsheet from $80.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, June 8th. Finally, Royal Bank of Canada boosted their price objective on Smartsheet from $34.00 to $38.00 in a research report on Wednesday, June 8th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $58.25.
Smartsheet Stock Up 1.8 %
Shares of SMAR Stock opened at $38.02 on Tuesday. The stock's 50-day moving average price is $32.46 and its 200 day moving average price is $43.83. Smartsheet has a 52-week low of $27.05 and a 52-week high of $85.65. The stock has a market capitalization of $4.92 billion, a PE ratio of -23.60 and a beta of 1.48.
Smartsheet (NYSE:SMAR - Get Rating) last issued its quarterly earnings results on Tuesday, June 7th. The company reported ($0.53) earnings per share for the quarter, missing analysts' consensus estimates of ($0.52) by ($0.01). Smartsheet had a negative return on equity of 36.73% and a negative net margin of 33.96%. The business had revenue of $168.31 million for the quarter, compared to analysts' expectations of $162.55 million. During the same period in the prior year, the company earned ($0.28) EPS. The company's revenue for the quarter was up 43.8% compared to the same quarter last year. Analysts expect that Smartsheet will post -1.88 earnings per share for the current fiscal year.
Insider Transactions at Smartsheet
In other Smartsheet news, insider Jolene Lau Marshall sold 5,779 shares of the firm's stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $31.50, for a total value of $182,038.50. Following the sale, the insider now owns 22,097 shares in the company, valued at $696,055.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Smartsheet news, Director Elena Gomez sold 6,250 shares of Smartsheet stock in a transaction on Friday, July 15th. The shares were sold at an average price of $30.47, for a total transaction of $190,437.50. Following the completion of the sale, the director now owns 6,003 shares of the company's stock, valued at approximately $182,911.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jolene Lau Marshall sold 5,779 shares of Smartsheet stock in a transaction on Thursday, June 23rd. The stock was sold at an average price of $31.50, for a total transaction of $182,038.50. Following the completion of the transaction, the insider now owns 22,097 shares in the company, valued at approximately $696,055.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,029 shares of company stock valued at $531,326. Insiders own 4.58% of the company's stock.