DA Davidson Lowers Smartsheet (NYSE:SMAR) Price Target to $38.00

Smartsheet (NYSE:SMAR) had its target price lowered by equities researchers at DA Davidson to $38.00 in a note issued to investors on Wednesday, The Fly reports. The brokerage currently has a “neutral” rating on the stock. DA Davidson’s target price indicates a potential downside of 1.32% from the stock’s previous close.

SMAR has been the topic of a number of other research reports. ValuEngine lowered shares of Smartsheet from a “buy” rating to a “hold” rating in a report on Tuesday, September 24th. Zacks Investment Research raised shares of Smartsheet from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Wednesday, September 11th. Stephens reaffirmed a “buy” rating and issued a $55.00 target price on shares of Smartsheet in a research note on Tuesday, September 10th. Canaccord Genuity reduced their target price on shares of Smartsheet from $53.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price (up previously from $45.00) on shares of Smartsheet in a research note on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $52.00.

NYSE:SMAR traded down $0.58 during mid-day trading on Wednesday, reaching $38.51. 3,844,300 shares of the company were exchanged, compared to its average volume of 1,786,617. Smartsheet has a 12 month low of $20.34 and a 12 month high of $55.79. The company has a fifty day moving average of $43.45 and a 200 day moving average of $44.81. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.08. The stock has a market cap of $4.23 billion, a PE ratio of -62.11 and a beta of 1.94.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.16) EPS for the quarter, topping 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 firm had revenue of $64.64 million for the quarter, compared to analyst estimates of $63.55 million. During the same quarter in the prior year, the firm earned ($0.08) EPS. The company’s revenue was up 52.5% on a year-over-year basis. On average, equities research analysts anticipate that Smartsheet will post -0.92 EPS for the current fiscal year.

In related news, CEO Mark Patrick Mader sold 40,000 shares of Smartsheet stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $38.44, for a total transaction of $1,537,600.00. Also, Director Brent Frei sold 50,000 shares of Smartsheet stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $50.26, for a total transaction of $2,513,000.00. Following the transaction, the director now directly owns 57,814 shares in the company, valued at approximately $2,905,731.64. The disclosure for this sale can be found here. Insiders sold a total of 604,816 shares of company stock worth $27,708,530 in the last ninety days. Insiders own 24.73% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Park West Asset Management LLC bought a new position in Smartsheet during the 2nd quarter worth approximately $16,972,000. Atria Investments LLC bought a new position in Smartsheet during the 2nd quarter worth approximately $1,191,000. Treasurer of the State of North Carolina bought a new position in Smartsheet during the 2nd quarter worth approximately $1,655,000. BlackRock Inc. boosted its stake in Smartsheet by 285.3% during the 2nd quarter. BlackRock Inc. now owns 4,536,828 shares of the company’s stock worth $219,582,000 after acquiring an additional 3,359,344 shares during the last quarter. Finally, KCL Capital L.P. bought a new position in Smartsheet during the 2nd quarter worth approximately $271,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

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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