Smartsheet (NYSE:SMAR) Price Target Cut to $68.00 by Analysts at Morgan Stanley

Smartsheet (NYSE:SMARGet Rating) had its price objective lowered by analysts at Morgan Stanley from $75.00 to $68.00 in a report issued on Wednesday, The Fly reports. Morgan Stanley’s target price points to a potential upside of 67.57% from the stock’s current price.

A number of other brokerages have also issued reports on SMAR. Truist Financial cut their target price on shares of Smartsheet from $100.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, March 16th. Canaccord Genuity Group cut their price objective on Smartsheet from $80.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, March 16th. BMO Capital Markets decreased their target price on Smartsheet from $50.00 to $43.00 in a research report on Wednesday. Citigroup dropped their price target on Smartsheet from $60.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Smartsheet from $80.00 to $58.00 in a report on Wednesday. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Smartsheet presently has an average rating of “Buy” and a consensus target price of $59.50.

Shares of SMAR opened at $40.58 on Wednesday. Smartsheet has a one year low of $33.25 and a one year high of $85.65. The stock has a 50-day moving average price of $45.32 and a 200 day moving average price of $55.91. The company has a market capitalization of $5.22 billion, a P/E ratio of -29.84 and a beta of 1.59.

Smartsheet (NYSE:SMARGet Rating) last released its earnings results on Tuesday, June 7th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.01. The company had revenue of $168.31 million during the quarter, compared to analysts’ expectations of $162.55 million. Smartsheet had a negative return on equity of 29.45% and a negative net margin of 31.06%. The business’s revenue was up 43.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.28) EPS. Sell-side analysts anticipate that Smartsheet will post -1.59 earnings per share for the current year.

In related news, Director Matthew S. Mcilwain bought 10,000 shares of the stock in a transaction on Friday, March 18th. The shares were purchased at an average price of $49.62 per share, with a total value of $496,200.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Michael Arntz sold 2,100 shares of the business’s stock in a transaction dated Friday, April 1st. The stock was sold at an average price of $55.61, for a total transaction of $116,781.00. Following the sale, the executive now owns 9,607 shares in the company, valued at $534,245.27. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,703 shares of company stock valued at $1,301,076. 4.58% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in the stock. FMR LLC lifted its position in Smartsheet by 754,292.5% in the first quarter. FMR LLC now owns 1,214,572 shares of the company’s stock worth $49,542,000 after purchasing an additional 1,214,411 shares during the period. First Trust Advisors LP boosted its stake in Smartsheet by 0.4% during the first quarter. First Trust Advisors LP now owns 86,589 shares of the company’s stock valued at $3,532,000 after buying an additional 318 shares in the last quarter. HighTower Advisors LLC grew its holdings in Smartsheet by 1,714.5% during the third quarter. HighTower Advisors LLC now owns 63,344 shares of the company’s stock worth $4,356,000 after acquiring an additional 59,853 shares during the period. Dimensional Fund Advisors LP grew its holdings in Smartsheet by 8.6% during the third quarter. Dimensional Fund Advisors LP now owns 173,498 shares of the company’s stock worth $11,942,000 after acquiring an additional 13,794 shares during the period. Finally, Voya Investment Management LLC raised its position in Smartsheet by 343.8% in the third quarter. Voya Investment Management LLC now owns 171,930 shares of the company’s stock worth $11,833,000 after acquiring an additional 133,193 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other 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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