JPMorgan Chase & Co. Trims Smartsheet (NYSE:SMAR) Target Price to $58.00

Smartsheet (NYSE:SMARGet Rating) had its target price lowered by research analysts at JPMorgan Chase & Co. from $80.00 to $58.00 in a report released on Wednesday, The Fly reports. JPMorgan Chase & Co.‘s price target indicates a potential upside of 42.93% from the stock’s previous close.

A number of other equities analysts have also issued reports on SMAR. Zacks Investment Research raised Smartsheet from a “sell” rating to a “hold” rating in a report on Wednesday, May 25th. Oppenheimer reduced their price objective on shares of Smartsheet from $95.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, March 16th. Morgan Stanley reduced their price objective on shares of Smartsheet from $105.00 to $75.00 and set an “overweight” rating for the company in a research report on Thursday, February 24th. BMO Capital Markets reduced their price objective on shares of Smartsheet from $83.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, March 14th. Finally, Wells Fargo & Company reduced their price objective on shares of Smartsheet from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $61.75.

NYSE SMAR opened at $40.58 on Wednesday. Smartsheet has a 52-week low of $33.25 and a 52-week high of $85.65. The business’s 50-day moving average price is $45.32 and its 200 day moving average price is $55.91. The firm has a market cap of $5.22 billion, a P/E ratio of -29.84 and a beta of 1.59.

Smartsheet (NYSE:SMARGet Rating) last released its quarterly earnings results on Tuesday, March 15th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.03. Smartsheet had a negative return on equity of 29.45% and a negative net margin of 31.06%. The firm had revenue of $157.39 million for the quarter, compared to analyst estimates of $151.60 million. During the same quarter last year, the company posted ($0.21) earnings per share. The business’s revenue was up 43.2% on a year-over-year basis. On average, equities analysts forecast that Smartsheet will post -1.59 EPS for the current year.

In related news, Director Matthew S. Mcilwain acquired 10,000 shares of the stock in a transaction dated Friday, March 18th. The stock was bought at an average cost of $49.62 per share, with a total value of $496,200.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Geoffrey T. Barker sold 1,125 shares of the business’s stock in a transaction on Monday, April 25th. The shares were sold at an average price of $50.00, for a total transaction of $56,250.00. Following the sale, the director now directly owns 315,131 shares of the company’s stock, valued at $15,756,550. The disclosure for this sale can be found here. Insiders sold a total of 23,703 shares of company stock valued at $1,301,076 over the last ninety days. 4.58% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Liontrust Investment Partners LLP grew its stake in shares of Smartsheet by 85.7% during the 4th quarter. Liontrust Investment Partners LLP now owns 26,000 shares of the company’s stock valued at $2,014,000 after buying an additional 12,000 shares during the period. Alamar Capital Management LLC acquired a new position in shares of Smartsheet during the 4th quarter valued at $1,352,000. Eventide Asset Management LLC lifted its holdings in shares of Smartsheet by 2.1% during the 4th quarter. Eventide Asset Management LLC now owns 678,000 shares of the company’s stock valued at $52,511,000 after acquiring an additional 13,869 shares in the last quarter. Man Group plc lifted its holdings in shares of Smartsheet by 217.0% during the 3rd quarter. Man Group plc now owns 22,399 shares of the company’s stock valued at $1,541,000 after acquiring an additional 15,333 shares in the last quarter. Finally, Captrust Financial Advisors lifted its holdings in shares of Smartsheet by 3,632.1% during the 3rd quarter. Captrust Financial Advisors now owns 1,045 shares of the company’s stock valued at $72,000 after acquiring an additional 1,017 shares in the last quarter. 88.88% of the stock is owned by institutional investors.

Smartsheet Company Profile (Get Rating)

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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