Smartsheet Inc (SMAR) Receives Consensus Rating of “Buy” from Brokerages

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Smartsheet Inc (NYSE:SMAR) has been assigned an average rating of “Buy” from the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $34.86.

SMAR has been the topic of a number of analyst reports. Zacks Investment Research raised Smartsheet from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research report on Tuesday, October 9th. Morgan Stanley boosted their price target on Smartsheet from $34.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 18th. JPMorgan Chase & Co. boosted their price target on Smartsheet to $33.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 5th. Jefferies Financial Group boosted their price target on Smartsheet to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, September 5th. Finally, SunTrust Banks boosted their price target on Smartsheet to $37.00 and gave the stock a “positive” rating in a research report on Wednesday, September 5th. They noted that the move was a valuation call.

Shares of SMAR stock traded down $0.52 during midday trading on Friday, reaching $23.45. 331,621 shares of the stock were exchanged, compared to its average volume of 401,351. Smartsheet has a 1 year low of $18.06 and a 1 year high of $33.98. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 0.02.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Tuesday, September 4th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.08. The company had revenue of $42.38 million during the quarter, compared to the consensus estimate of $39.21 million. Smartsheet’s quarterly revenue was up 58.9% on a year-over-year basis. Equities research analysts anticipate that Smartsheet will post -0.68 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of the company. Northern Trust Corp purchased a new stake in shares of Smartsheet in the 2nd quarter worth $1,632,000. Bank of New York Mellon Corp purchased a new stake in shares of Smartsheet in the 2nd quarter worth $230,000. Arrowgrass Capital Partners US LP purchased a new stake in shares of Smartsheet in the 2nd quarter worth $1,299,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Smartsheet in the 2nd quarter worth $316,000. Finally, Wolverine Asset Management LLC purchased a new stake in shares of Smartsheet in the 2nd quarter worth $1,428,000. Hedge funds and other institutional investors own 41.63% of the company’s stock.

About Smartsheet

Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.

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Analyst Recommendations for Smartsheet (NYSE:SMAR)

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