SharpSpring (NASDAQ:SHSP) Price Target Cut to $16.00

SharpSpring (NASDAQ:SHSP) had its price target decreased by investment analysts at Canaccord Genuity from $22.00 to $16.00 in a research note issued to investors on Thursday, The Fly reports. The firm currently has a “buy” rating on the technology company’s stock. Canaccord Genuity’s target price would suggest a potential upside of 56.10% from the stock’s previous close.

Several other brokerages have also recently issued reports on SHSP. Craig Hallum reaffirmed a “buy” rating and set a $40.00 price objective (down previously from $45.00) on shares of GTT Communications in a research note on Monday, June 24th. Roth Capital dropped their price objective on shares of SharpSpring from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, National Securities assumed coverage on shares of SharpSpring in a research note on Thursday, May 30th. They set a “buy” rating for the company. Six investment analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and a consensus target price of $18.25.

Shares of NASDAQ SHSP opened at $10.25 on Thursday. SharpSpring has a 12-month low of $9.44 and a 12-month high of $21.10. The stock has a market cap of $111.90 million, a PE ratio of -9.23 and a beta of 1.13. The company has a debt-to-equity ratio of 0.65, a quick ratio of 7.30 and a current ratio of 7.30. The company’s 50-day simple moving average is $13.10.



SharpSpring (NASDAQ:SHSP) last announced its quarterly earnings data on Thursday, May 9th. The technology company reported ($0.33) earnings per share (EPS) for the quarter. SharpSpring had a negative net margin of 52.14% and a negative return on equity of 63.38%. The business had revenue of $5.33 million for the quarter. On average, research analysts anticipate that SharpSpring will post -0.97 earnings per share for the current fiscal year.

In other news, insider Travis Whitton sold 21,079 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $14.95, for a total value of $315,131.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Cat Rock Capital Management Lp purchased 19,000 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $13.00 per share, with a total value of $247,000.00. The disclosure for this purchase can be found here. In the last three months, insiders sold 2,106,027 shares of company stock valued at $25,930,744. Corporate insiders own 25.55% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Wasatch Advisors Inc. grew its stake in shares of SharpSpring by 52.0% in the 1st quarter. Wasatch Advisors Inc. now owns 323,554 shares of the technology company’s stock valued at $5,183,000 after buying an additional 110,705 shares during the period. Granite Investment Partners LLC grew its stake in shares of SharpSpring by 87.8% in the 1st quarter. Granite Investment Partners LLC now owns 206,418 shares of the technology company’s stock valued at $3,307,000 after buying an additional 96,478 shares during the period. Brasada Capital Management LP grew its stake in shares of SharpSpring by 80.6% in the 1st quarter. Brasada Capital Management LP now owns 72,500 shares of the technology company’s stock valued at $1,162,000 after buying an additional 32,350 shares during the period. Hilton Capital Management LLC purchased a new stake in shares of SharpSpring in the 1st quarter valued at approximately $708,000. Finally, Spark Investment Management LLC grew its stake in shares of SharpSpring by 5.8% in the 1st quarter. Spark Investment Management LLC now owns 43,100 shares of the technology company’s stock valued at $690,000 after buying an additional 2,345 shares during the period. 41.54% of the stock is owned by institutional investors and hedge funds.

About SharpSpring

SharpSpring, Inc operates as a cloud-based marketing technology company worldwide. The company offers SharpSpring, a marketing automation solution for small and mid-size businesses. It markets and sells its products and services through sales teams and third party resellers. The company was formerly known as SMTP, Inc and changed its name to SharpSpring, Inc in December 2015.

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