Smartsheet (NYSE:SMAR) Cut to “Neutral” at Wedbush

Wedbush lowered shares of Smartsheet (NYSE:SMAR) from an outperform rating to a neutral rating in a report released on Monday, Briefing.com Automated Import reports. Wedbush currently has $42.00 price target on the stock, down from their previous price target of $62.00. Wedbush also issued estimates for Smartsheet’s FY2021 earnings at ($1.09) EPS and FY2022 earnings at ($1.15) EPS.

A number of other equities research analysts have also weighed in on SMAR. JPMorgan Chase & Co. lifted their price objective on shares of Smartsheet from $47.00 to $48.00 and gave the company an overweight rating in a report on Thursday, September 5th. Canaccord Genuity decreased their price objective on shares of Smartsheet from $53.00 to $45.00 and set a buy rating for the company in a report on Wednesday, October 2nd. Berenberg Bank initiated coverage on shares of Smartsheet in a report on Thursday, October 10th. They set a buy rating and a $48.00 price objective for the company. DA Davidson reduced their price target on shares of Smartsheet to $38.00 and set a neutral rating for the company in a report on Wednesday, October 2nd. Finally, Stephens restated a buy rating and issued a $55.00 price target on shares of Smartsheet in a report on Tuesday, September 10th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Smartsheet presently has a consensus rating of Buy and an average target price of $50.07.

Shares of SMAR opened at $39.20 on Monday. Smartsheet has a 1-year low of $20.34 and a 1-year high of $55.79. The company has a 50-day moving average of $38.68 and a 200 day moving average of $44.51. The firm has a market capitalization of $4.54 billion, a price-to-earnings ratio of -63.23 and a beta of 1.95. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.50 and a quick ratio of 3.50.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.09. Smartsheet had a negative net margin of 30.10% and a negative return on equity of 24.74%. The company had revenue of $64.64 million during the quarter, compared to analyst estimates of $63.55 million. During the same quarter last year, the business posted ($0.08) EPS. The firm’s revenue for the quarter was up 52.5% on a year-over-year basis. On average, equities analysts anticipate that Smartsheet will post -0.92 earnings per share for the current fiscal year.

In other news, insider Paul Porrini sold 20,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $41.53, for a total value of $830,600.00. Also, insider Kara Hamilton sold 7,500 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $51.72, for a total transaction of $387,900.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 799,172 shares of company stock valued at $32,801,758. Company insiders own 24.73% of the company’s stock.

Large investors have recently bought and sold shares of the company. Evolution Wealth Advisors LLC purchased a new position in shares of Smartsheet in the 2nd quarter worth approximately $93,000. Meadow Creek Investment Management LLC grew its position in shares of Smartsheet by 76.9% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 1,840 shares of the company’s stock worth $89,000 after buying an additional 800 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Smartsheet by 52.7% in the 2nd quarter. SG Americas Securities LLC now owns 7,825 shares of the company’s stock worth $379,000 after buying an additional 2,700 shares during the last quarter. Highland Private Wealth Management purchased a new position in shares of Smartsheet in the 2nd quarter worth approximately $958,000. Finally, Atria Investments LLC purchased a new position in shares of Smartsheet in the 2nd quarter worth approximately $1,191,000. Institutional investors and hedge funds own 76.23% of the company’s stock.

About Smartsheet

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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Analyst Recommendations for Smartsheet (NYSE:SMAR)

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