Smartsheet (NYSE:SMAR – Get Free Report) had its target price lifted by investment analysts at Morgan Stanley from $55.00 to $56.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 30.14% from the company’s previous close.
SMAR has been the topic of a number of other research reports. Barclays increased their price objective on Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday. 888 reissued a “maintains” rating on shares of Smartsheet in a report on Monday, June 12th. Wells Fargo & Company lowered their price objective on Smartsheet from $60.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, September 5th. Citigroup increased their price objective on Smartsheet from $49.00 to $52.00 and gave the company a “neutral” rating in a report on Friday. Finally, BMO Capital Markets increased their price objective on Smartsheet from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Friday. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Smartsheet has an average rating of “Moderate Buy” and an average target price of $51.64.
Read Our Latest Stock Analysis on Smartsheet
Smartsheet Price Performance
Smartsheet (NYSE:SMAR – Get Free Report) last issued its earnings results on Thursday, September 7th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.09. Smartsheet had a negative return on equity of 28.15% and a negative net margin of 16.84%. The company had revenue of $235.60 million for the quarter, compared to analyst estimates of $229.57 million. During the same period in the prior year, the firm posted ($0.46) EPS. The business’s revenue was up 26.2% compared to the same quarter last year. As a group, research analysts expect that Smartsheet will post -1.15 EPS for the current year.
Insider Activity at Smartsheet
In other news, Director Michael P. Gregoire acquired 3,800 shares of Smartsheet stock in a transaction on Tuesday, June 13th. The stock was bought at an average price of $39.38 per share, for a total transaction of $149,644.00. Following the transaction, the director now owns 15,301 shares of the company’s stock, valued at $602,553.38. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 4.71% of the stock is owned by corporate insiders.
Institutional Trading of Smartsheet
Hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in shares of Smartsheet in the 1st quarter worth approximately $29,000. Belpointe Asset Management LLC acquired a new position in shares of Smartsheet in the 4th quarter worth approximately $25,000. Headlands Technologies LLC raised its holdings in shares of Smartsheet by 87,100.0% in the 1st quarter. Headlands Technologies LLC now owns 872 shares of the company’s stock worth $42,000 after buying an additional 871 shares in the last quarter. Center for Financial Planning Inc. acquired a new position in shares of Smartsheet in the 1st quarter worth approximately $68,000. Finally, Pacer Advisors Inc. acquired a new position in shares of Smartsheet in the 2nd quarter worth approximately $55,000. Institutional investors own 88.99% 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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