Zacks Investment Research Lowers Smartsheet (SMAR) to Hold

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Smartsheet (NYSE:SMAR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Smartsheet Inc. provides software solutions. It offers mobile applications, pre-built templates and integrations with cloud applications such as Box, Dropbox, Salesforce, Google Drive and Zapier. Smartsheet Inc is based in Washington, United States. “

Other equities analysts also recently issued research reports about the stock. Canaccord Genuity boosted their price objective on shares of Smartsheet from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, September 5th. Jefferies Financial Group boosted their price objective on shares of Smartsheet to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, September 5th. Royal Bank of Canada boosted their price objective on shares of Smartsheet to $39.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 5th. JPMorgan Chase & Co. boosted their price objective on shares of Smartsheet to $33.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 5th. Finally, Morgan Stanley reduced their price objective on shares of Smartsheet from $36.00 to $33.00 and set an “overweight” rating for the company in a research note on Tuesday, October 23rd. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Smartsheet has a consensus rating of “Buy” and an average price target of $34.86.

Shares of NYSE:SMAR opened at $23.87 on Wednesday. Smartsheet has a 52 week low of $18.06 and a 52 week high of $33.98. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.31 and a quick ratio of 2.31.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Tuesday, September 4th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.08. The business had revenue of $42.38 million during the quarter, compared to the consensus estimate of $39.21 million. Smartsheet’s revenue for the quarter was up 58.9% compared to the same quarter last year. On average, equities analysts predict that Smartsheet will post -0.68 EPS for the current fiscal year.

In other Smartsheet news, VP Kara Hamilton sold 30,000 shares of Smartsheet stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $23.10, for a total value of $693,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMAR. Summit Partners L P purchased a new position in Smartsheet in the second quarter worth $62,552,000. Fred Alger Management Inc. purchased a new stake in shares of Smartsheet during the second quarter valued at $2,887,000. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Smartsheet during the second quarter valued at $13,242,000. First Trust Advisors LP purchased a new stake in shares of Smartsheet during the second quarter valued at $2,587,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Smartsheet during the second quarter valued at $1,650,000. 41.77% of the stock is currently owned by institutional investors and hedge funds.

Smartsheet Company Profile

Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.

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