Smartsheet (SMAR) Price Target Raised to $38.00

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Smartsheet (NYSE:SMAR) had its price target hoisted by Jefferies Financial Group to $38.00 in a research note issued to investors on Wednesday, The Fly reports. The firm currently has a buy rating on the stock.

SMAR has been the topic of a number of other reports. Canaccord Genuity started coverage on shares of Smartsheet in a report on Tuesday, May 22nd. They issued a buy rating and a $23.00 price objective on the stock. Morgan Stanley started coverage on shares of Smartsheet in a report on Tuesday, May 22nd. They issued an overweight rating and a $24.00 price objective on the stock. William Blair started coverage on shares of Smartsheet in a report on Tuesday, May 22nd. They issued an outperform rating on the stock. Zacks Investment Research lowered shares of Smartsheet from a hold rating to a sell rating in a report on Tuesday, August 7th. Finally, Royal Bank of Canada started coverage on shares of Smartsheet in a report on Tuesday, May 22nd. They issued an outperform rating and a $24.00 price objective on the stock. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $35.50.

Smartsheet stock opened at $29.05 on Wednesday. Smartsheet has a 52-week low of $18.06 and a 52-week high of $33.98. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of -0.03.

Smartsheet (NYSE:SMAR) last released its earnings results on Tuesday, September 4th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.08. The business had revenue of $42.38 million for the quarter, compared to analyst estimates of $39.21 million. The company’s revenue was up 58.9% on a year-over-year basis. equities research analysts expect that Smartsheet will post -0.69 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in SMAR. Pier Capital LLC purchased a new position in shares of Smartsheet in the 2nd quarter valued at $8,716,000. Brighton Jones LLC purchased a new position in shares of Smartsheet in the 2nd quarter valued at $440,000. Summit Partners L P purchased a new position in shares of Smartsheet in the 2nd quarter valued at $62,552,000. Systematic Financial Management LP purchased a new position in shares of Smartsheet in the 2nd quarter valued at $307,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Smartsheet in the 2nd quarter valued at $1,650,000. Institutional investors and hedge funds own 41.68% 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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