Smartsheet (SMAR) Given New $53.00 Price Target at Royal Bank of Canada

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Smartsheet (NYSE:SMAR) had its price target hoisted by stock analysts at Royal Bank of Canada to $53.00 in a report issued on Wednesday, The Fly reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 22.01% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. lifted their target price on Smartsheet from $33.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday. Zacks Investment Research upgraded Smartsheet from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Saturday, December 8th. Stephens assumed coverage on Smartsheet in a research report on Thursday, January 3rd. They issued an “overweight” rating and a $32.00 target price on the stock. Finally, Morgan Stanley lifted their target price on Smartsheet from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Tuesday, December 4th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $40.13.

NYSE SMAR opened at $43.44 on Wednesday. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. Smartsheet has a fifty-two week low of $18.06 and a fifty-two week high of $46.29.

Smartsheet (NYSE:SMAR) last posted its earnings results on Tuesday, March 19th. The company reported ($0.07) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.19) by $0.12. Smartsheet had a negative return on equity of 111.93% and a negative net margin of 32.12%. The company had revenue of $52.20 million for the quarter, compared to the consensus estimate of $49.72 million. The company’s quarterly revenue was up 58.2% compared to the same quarter last year. Equities research analysts forecast that Smartsheet will post -0.6 earnings per share for the current fiscal year.

In related news, Director Brent Frei sold 50,000 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $45.00, for a total value of $2,250,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CRO Michael Arntz sold 14,000 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $44.21, for a total value of $618,940.00. The disclosure for this sale can be found here. Insiders sold 871,133 shares of company stock worth $28,514,208 in the last 90 days.

Several hedge funds have recently bought and sold shares of the stock. Whale Rock Capital Management LLC raised its holdings in shares of Smartsheet by 320.6% in the 4th quarter. Whale Rock Capital Management LLC now owns 2,687,999 shares of the company’s stock valued at $66,824,000 after buying an additional 2,048,846 shares during the period. CI Investments Inc. purchased a new stake in shares of Smartsheet in the 4th quarter valued at $40,607,000. Capital International Investors purchased a new stake in shares of Smartsheet in the 3rd quarter valued at $32,354,000. BlackRock Inc. raised its holdings in shares of Smartsheet by 8.0% in the 4th quarter. BlackRock Inc. now owns 811,452 shares of the company’s stock valued at $20,173,000 after buying an additional 60,037 shares during the period. Finally, Morgan Stanley raised its holdings in shares of Smartsheet by 1,011.4% in the 3rd quarter. Morgan Stanley now owns 592,133 shares of the company’s stock valued at $18,510,000 after buying an additional 538,853 shares during the period. Hedge funds and other institutional investors own 49.63% of the company’s stock.

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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Analyst Recommendations for Smartsheet (NYSE:SMAR)

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