JPMorgan Chase & Co. Cuts Smartsheet (NYSE:SMAR) Price Target to $50.00

Smartsheet (NYSE:SMARFree Report) had its target price trimmed by JPMorgan Chase & Co. from $54.00 to $50.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research firms have also recently weighed in on SMAR. BMO Capital Markets reduced their price objective on shares of Smartsheet from $48.00 to $42.00 and set an outperform rating for the company in a research report on Monday. DA Davidson reaffirmed a buy rating on shares of Smartsheet in a research note on Wednesday, December 6th. KeyCorp boosted their price objective on Smartsheet from $52.00 to $53.00 and gave the stock an overweight rating in a research note on Friday, December 8th. Citigroup upgraded Smartsheet from a neutral rating to a buy rating and raised their target price for the company from $56.00 to $63.00 in a research report on Thursday, January 11th. Finally, Royal Bank of Canada dropped their price target on Smartsheet from $48.00 to $36.00 and set a sector perform rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $50.18.

Check Out Our Latest Stock Analysis on SMAR

Smartsheet Trading Up 3.0 %

Shares of NYSE:SMAR opened at $38.65 on Friday. Smartsheet has a 12-month low of $35.52 and a 12-month high of $52.81. The business has a 50 day moving average of $44.35 and a two-hundred day moving average of $43.18. The company has a market capitalization of $5.27 billion, a PE ratio of -48.92 and a beta of 0.75.

Smartsheet (NYSE:SMARGet Free Report) last released its quarterly earnings data on Thursday, March 14th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.17. Smartsheet had a negative net margin of 10.92% and a negative return on equity of 17.12%. The company had revenue of $256.95 million during the quarter, compared to analysts’ expectations of $254.99 million. Equities research analysts predict that Smartsheet will post -0.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 2,247 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $47.10, for a total value of $105,833.70. Following the transaction, the insider now owns 14,376 shares of the company’s stock, valued at $677,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Smartsheet news, insider Jolene Lau Marshall sold 2,247 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $47.10, for a total value of $105,833.70. Following the sale, the insider now owns 14,376 shares of the company’s stock, valued at $677,109.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Michael Arntz sold 7,572 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $44.81, for a total value of $339,301.32. Following the transaction, the executive now owns 7,148 shares in the company, valued at $320,301.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,698 shares of company stock valued at $902,656. 4.71% of the stock is currently owned by insiders.

Institutional Trading of Smartsheet

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Smartsheet by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 13,583,818 shares of the company’s stock valued at $649,578,000 after purchasing an additional 276,117 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Smartsheet by 6.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 977,100 shares of the company’s stock worth $46,726,000 after acquiring an additional 58,016 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Smartsheet by 4.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 53,572 shares of the company’s stock worth $2,562,000 after acquiring an additional 2,469 shares during the period. Washington Harbour Partners LP raised its stake in shares of Smartsheet by 64.2% in the fourth quarter. Washington Harbour Partners LP now owns 92,034 shares of the company’s stock valued at $4,401,000 after acquiring an additional 36,000 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in shares of Smartsheet by 4.4% in the fourth quarter. Nuveen Asset Management LLC now owns 566,185 shares of the company’s stock valued at $27,075,000 after acquiring an additional 24,093 shares in the last quarter. 88.99% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Company Profile

(Get Free Report)

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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