Smartsheet (NYSE:SMAR) Given Outperform Rating at William Blair

Smartsheet (NYSE:SMARGet Rating)‘s stock had its “outperform” rating reaffirmed by analysts at William Blair in a research report issued on Friday, RTT News reports.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada boosted their target price on shares of Smartsheet from $34.00 to $38.00 in a research report on Wednesday, June 8th. Canaccord Genuity Group lowered their price objective on shares of Smartsheet from $60.00 to $45.00 in a research report on Friday, September 2nd. BMO Capital Markets lowered their price objective on shares of Smartsheet from $43.00 to $38.00 and set an “outperform” rating for the company in a research report on Friday, September 2nd. Oppenheimer lowered their price objective on shares of Smartsheet from $80.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, June 8th. Finally, Morgan Stanley lowered their price objective on shares of Smartsheet from $68.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, September 2nd. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Smartsheet currently has an average rating of “Moderate Buy” and an average target price of $49.31.

Smartsheet Stock Performance

SMAR opened at $33.25 on Friday. The company has a 50-day moving average of $34.18 and a 200-day moving average of $39.55. The company has a market capitalization of $4.30 billion, a P/E ratio of -19.11 and a beta of 1.41. Smartsheet has a 1-year low of $27.05 and a 1-year high of $80.89.

Smartsheet (NYSE:SMARGet Rating) last released its earnings results on Thursday, September 1st. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.10. The company had revenue of $186.70 million during the quarter, compared to the consensus estimate of $180.56 million. Smartsheet had a negative net margin of 33.88% and a negative return on equity of 42.47%. The company’s revenue was up 41.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.28) EPS. As a group, sell-side analysts expect that Smartsheet will post -2.03 earnings per share for the current fiscal year.

Insider Transactions at Smartsheet

In other news, Director Elena Gomez sold 6,250 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $30.47, for a total value of $190,437.50. Following the completion of the sale, the director now directly 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 SEC, which is available at this hyperlink. In related news, Director Elena Gomez sold 6,250 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $30.47, for a total value of $190,437.50. Following the sale, the director now directly owns 6,003 shares in the company, valued at approximately $182,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $31.77, for a total transaction of $158,850.00. Following the completion of the sale, the insider now owns 17,597 shares in the company, valued at $559,056.69. The disclosure for this sale can be found here. In the last three months, insiders sold 28,854 shares of company stock valued at $1,007,898. Company insiders own 4.58% of the company’s stock.

Institutional Trading of Smartsheet

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. M&G Investment Management Ltd. bought a new stake in shares of Smartsheet in the 2nd quarter worth approximately $1,346,000. Captrust Financial Advisors raised its holdings in shares of Smartsheet by 202.7% during the second quarter. Captrust Financial Advisors now owns 3,530 shares of the company’s stock valued at $111,000 after acquiring an additional 2,364 shares during the period. Legal & General Group Plc raised its holdings in shares of Smartsheet by 3.2% during the second quarter. Legal & General Group Plc now owns 116,616 shares of the company’s stock valued at $3,665,000 after acquiring an additional 3,665 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Smartsheet by 81.6% during the second quarter. Goldman Sachs Group Inc. now owns 2,808,651 shares of the company’s stock valued at $88,276,000 after acquiring an additional 1,262,177 shares during the period. Finally, Prudential Financial Inc. acquired a new stake in shares of Smartsheet during the second quarter valued at approximately $654,000. 90.24% of the stock is currently owned by institutional investors.

Smartsheet Company Profile

(Get Rating)

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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