Smartsheet (NYSE:SMAR) Price Target Cut to $55.00 by Analysts at Wells Fargo & Company

Smartsheet (NYSE:SMARGet Rating) had its price target reduced by research analysts at Wells Fargo & Company to $55.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 50.48% from the stock’s current price.

A number of other research analysts also recently commented on the company. Zacks Investment Research raised Smartsheet from a “sell” rating to a “hold” rating in a report on Tuesday, May 3rd. Truist Financial reduced their target price on Smartsheet from $100.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, March 16th. KeyCorp reduced their target price on Smartsheet from $100.00 to $58.00 and set an “overweight” rating on the stock in a report on Wednesday, March 16th. Needham & Company LLC reduced their target price on Smartsheet from $100.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, March 16th. Finally, Canaccord Genuity Group reduced their target price on Smartsheet from $80.00 to $60.00 in a report on Wednesday, March 16th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Smartsheet has an average rating of “Buy” and an average target price of $64.67.

SMAR traded down $0.73 on Wednesday, reaching $36.55. The company’s stock had a trading volume of 11,274 shares, compared to its average volume of 1,293,198. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -26.88 and a beta of 1.57. Smartsheet has a 1 year low of $35.43 and a 1 year high of $85.65. The business’s 50 day moving average is $49.57 and its 200 day moving average is $59.39.

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

In related news, Director Geoffrey T. Barker sold 1,125 shares of the firm’s stock in a transaction that occurred on Monday, April 25th. The stock was sold at an average price of $50.00, for a total value of $56,250.00. Following the sale, the director now directly owns 315,131 shares in the company, valued at approximately $15,756,550. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew S. Mcilwain bought 10,000 shares of the stock in a transaction that occurred on Friday, March 18th. The stock was acquired at an average price of $49.62 per share, for a total transaction of $496,200.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 25,953 shares of company stock worth $1,437,561. 4.58% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. Capital World Investors increased its position in shares of Smartsheet by 2.9% during the 3rd quarter. Capital World Investors now owns 14,504,662 shares of the company’s stock valued at $998,239,000 after purchasing an additional 406,264 shares during the period. Vanguard Group Inc. increased its position in shares of Smartsheet by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 11,326,756 shares of the company’s stock valued at $620,480,000 after purchasing an additional 66,327 shares during the period. BlackRock Inc. increased its position in shares of Smartsheet by 2.6% during the 4th quarter. BlackRock Inc. now owns 5,487,249 shares of the company’s stock valued at $424,988,000 after purchasing an additional 140,053 shares during the period. Dorsey Asset Management LLC boosted its stake in shares of Smartsheet by 7.3% during the 1st quarter. Dorsey Asset Management LLC now owns 3,009,153 shares of the company’s stock worth $164,841,000 after acquiring an additional 203,696 shares in the last quarter. Finally, TimesSquare Capital Management LLC boosted its stake in shares of Smartsheet by 0.5% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,955,750 shares of the company’s stock worth $151,473,000 after acquiring an additional 9,230 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

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.

See Also

Stock Target Advisor logo

Analyst Recommendations for Smartsheet (NYSE:SMAR)

Receive News & Ratings for Smartsheet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Smartsheet and related companies with MarketBeat.com's FREE daily email newsletter.