Smartsheet (NYSE:SMAR) had its target price upped by stock analysts at Royal Bank of Canada to $39.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 43.28% from the company’s current price.
A number of other equities analysts have also recently weighed in on SMAR. JPMorgan Chase & Co. raised their price objective on Smartsheet to $33.00 and gave the company an “overweight” rating in a report on Wednesday. Jefferies Financial Group raised their price objective on Smartsheet to $38.00 and gave the company a “buy” rating in a report on Wednesday. SunTrust Banks assumed coverage on Smartsheet in a report on Tuesday, May 22nd. They set a “buy” rating and a $24.00 price objective on the stock. Canaccord Genuity reissued a “buy” rating and set a $29.00 price objective (up from $23.00) on shares of Smartsheet in a report on Tuesday, June 5th. Finally, Morgan Stanley raised their price objective on Smartsheet from $24.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, June 6th. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $35.50.
Shares of NYSE SMAR opened at $27.22 on Wednesday. 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 has a 1-year low of $18.06 and a 1-year high of $33.98.
Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Tuesday, September 4th. The company reported ($0.08) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.08. The firm had revenue of $42.38 million for the quarter, compared to analysts’ expectations of $39.21 million. Smartsheet’s revenue for the quarter was up 58.9% on a year-over-year basis. research analysts expect that Smartsheet will post -0.69 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new position in Smartsheet in the 2nd quarter worth approximately $230,000. Arrowgrass Capital Partners US LP purchased a new position in Smartsheet in the 2nd quarter worth approximately $1,299,000. Cubist Systematic Strategies LLC purchased a new position in Smartsheet in the 2nd quarter worth approximately $316,000. Wolverine Asset Management LLC purchased a new position in Smartsheet in the 2nd quarter worth approximately $1,428,000. Finally, Laurion Capital Management LP purchased a new position in Smartsheet in the 2nd quarter worth approximately $7,791,000. 41.68% of the stock is currently owned by institutional investors and hedge funds.
Smartsheet Company Profile
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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