Smartsheet (NYSE:SMAR) Trading 5.6% Higher

Smartsheet Inc (NYSE:SMAR) traded up 5.6% on Thursday . The stock traded as high as $69.66 and last traded at $69.66. 34,974 shares were traded during mid-day trading, a decline of 97% from the average session volume of 1,134,078 shares. The stock had previously closed at $65.99.

A number of brokerages recently commented on SMAR. Zacks Investment Research raised Smartsheet from a “hold” rating to a “buy” rating and set a $74.00 price target for the company in a report on Thursday. Needham & Company LLC increased their price target on Smartsheet from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, September 8th. Truist raised their target price on Smartsheet from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, September 8th. Citigroup lifted their price target on Smartsheet from $77.00 to $85.00 and gave the company a “neutral” rating in a research report on Wednesday, September 8th. Finally, Jefferies Financial Group upgraded Smartsheet from a “hold” rating to a “buy” rating and lifted their price target for the company from $65.00 to $85.00 in a research report on Thursday, August 19th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Smartsheet has a consensus rating of “Buy” and an average target price of $85.76.

The firm has a market capitalization of $8.84 billion, a PE ratio of -61.28 and a beta of 1.41. The firm’s fifty day moving average is $72.60 and its two-hundred day moving average is $67.78.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Monday, September 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.08. Smartsheet had a negative net margin of 31.00% and a negative return on equity of 24.57%. The company had revenue of $131.74 million during the quarter, compared to analysts’ expectations of $125.47 million. During the same quarter in the prior year, the company earned ($0.06) EPS. The firm’s revenue was up 44.4% on a year-over-year basis. Equities analysts forecast that Smartsheet Inc will post -1.35 EPS for the current fiscal year.

In related news, insider Eugene Farrell sold 10,000 shares of the business’s stock in a transaction on Thursday, July 22nd. The shares were sold at an average price of $73.08, for a total value of $730,800.00. Following the sale, the insider now owns 37,777 shares in the company, valued at $2,760,743.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Michael Arntz sold 3,000 shares of the business’s stock in a transaction on Monday, August 2nd. The shares were sold at an average price of $72.73, for a total transaction of $218,190.00. The disclosure for this sale can be found here. In the last three months, insiders sold 280,363 shares of company stock worth $20,472,348. 6.07% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Smartsheet by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 10,944,377 shares of the company’s stock worth $791,498,000 after acquiring an additional 266,130 shares during the last quarter. Brown Capital Management LLC boosted its holdings in Smartsheet by 12.9% during the 2nd quarter. Brown Capital Management LLC now owns 7,471,620 shares of the company’s stock valued at $540,348,000 after acquiring an additional 853,946 shares during the period. Whale Rock Capital Management LLC boosted its holdings in Smartsheet by 18.6% during the 1st quarter. Whale Rock Capital Management LLC now owns 3,584,619 shares of the company’s stock valued at $229,129,000 after acquiring an additional 563,301 shares during the period. JPMorgan Chase & Co. boosted its holdings in Smartsheet by 86.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,197,461 shares of the company’s stock valued at $231,240,000 after acquiring an additional 1,486,732 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of Smartsheet by 8.2% during the 2nd quarter. Alliancebernstein L.P. now owns 3,044,313 shares of the company’s stock worth $220,165,000 after acquiring an additional 231,599 shares in the last quarter. Hedge funds and other institutional investors own 87.47% of the company’s stock.

About Smartsheet (NYSE:SMAR)

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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