Research Analysts’ Recent Ratings Changes for Smartsheet (SMAR)

by · The Markets Daily

A number of firms have modified their ratings and price targets on shares of Smartsheet (NYSE: SMAR) recently:

  • 9/27/2024 – Smartsheet had its “neutral” rating reaffirmed by analysts at Citigroup Inc.. They now have a $56.50 price target on the stock, down previously from $63.00.
  • 9/26/2024 – Smartsheet had its “neutral” rating reaffirmed by analysts at UBS Group AG. They now have a $56.50 price target on the stock, down previously from $61.00.
  • 9/25/2024 – Smartsheet had its price target raised by analysts at Royal Bank of Canada from $51.00 to $56.50. They now have a “sector perform” rating on the stock.
  • 9/25/2024 – Smartsheet had its “peer perform” rating reaffirmed by analysts at Wolfe Research.
  • 9/25/2024 – Smartsheet had its “market perform” rating reaffirmed by analysts at BMO Capital Markets. They now have a $56.50 price target on the stock, down previously from $59.00.
  • 9/25/2024 – Smartsheet had its “market perform” rating reaffirmed by analysts at William Blair.
  • 9/25/2024 – Smartsheet was downgraded by analysts at Canaccord Genuity Group Inc. from a “strong-buy” rating to a “hold” rating.
  • 9/25/2024 – Smartsheet had its “hold” rating reaffirmed by analysts at Truist Financial Co.. They now have a $56.50 price target on the stock, down previously from $60.00.
  • 9/25/2024 – Smartsheet had its “hold” rating reaffirmed by analysts at Canaccord Genuity Group Inc.. They now have a $56.50 price target on the stock, down previously from $60.00.
  • 9/25/2024 – Smartsheet had its price target raised by analysts at Barclays PLC from $50.00 to $56.50. They now have an “equal weight” rating on the stock.
  • 9/24/2024 – Smartsheet had its “neutral” rating reaffirmed by analysts at DA Davidson. They now have a $56.50 price target on the stock, up previously from $55.00.
  • 9/24/2024 – Smartsheet had its “neutral” rating reaffirmed by analysts at JPMorgan Chase & Co.. They now have a $56.50 price target on the stock, down previously from $60.00.
  • 9/24/2024 – Smartsheet was downgraded by analysts at BMO Capital Markets from a “strong-buy” rating to a “hold” rating.
  • 9/24/2024 – Smartsheet had its “hold” rating reaffirmed by analysts at Needham & Company LLC. They now have a $57.00 price target on the stock.
  • 9/24/2024 – Smartsheet had its “hold” rating reaffirmed by analysts at Jefferies Financial Group Inc.. They now have a $56.50 price target on the stock, down previously from $60.00.
  • 9/24/2024 – Smartsheet had its “equal weight” rating reaffirmed by analysts at Wells Fargo & Company. They now have a $57.00 price target on the stock.
  • 9/6/2024 – Smartsheet had its price target raised by analysts at Royal Bank of Canada from $43.00 to $51.00. They now have a “sector perform” rating on the stock.
  • 9/6/2024 – Smartsheet had its price target raised by analysts at Morgan Stanley from $55.00 to $57.00. They now have an “overweight” rating on the stock.
  • 9/6/2024 – Smartsheet had its price target raised by analysts at BMO Capital Markets from $48.00 to $59.00. They now have an “outperform” rating on the stock.
  • 9/6/2024 – Smartsheet had its price target raised by analysts at Barclays PLC from $45.00 to $50.00. They now have an “equal weight” rating on the stock.
  • 9/6/2024 – Smartsheet had its price target raised by analysts at Citigroup Inc. from $55.00 to $63.00. They now have a “buy” rating on the stock.
  • 9/6/2024 – Smartsheet had its price target raised by analysts at Guggenheim from $60.00 to $62.00. They now have a “buy” rating on the stock.
  • 9/6/2024 – Smartsheet had its price target raised by analysts at Canaccord Genuity Group Inc. from $52.00 to $60.00. They now have a “buy” rating on the stock.
  • 9/6/2024 – Smartsheet had its “buy” rating reaffirmed by analysts at DA Davidson. They now have a $55.00 price target on the stock.
  • 9/6/2024 – Smartsheet had its price target raised by analysts at Truist Financial Co. from $55.00 to $60.00. They now have a “buy” rating on the stock.
  • 9/6/2024 – Smartsheet had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $57.00 price target on the stock.
  • 8/29/2024 – Smartsheet had its price target raised by analysts at UBS Group AG from $56.00 to $61.00. They now have a “buy” rating on the stock.
  • 8/26/2024 – Smartsheet had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $55.00 price target on the stock.
  • 8/20/2024 – Smartsheet had its price target raised by analysts at Morgan Stanley from $53.00 to $55.00. They now have an “overweight” rating on the stock.

Smartsheet Stock Up 0.5 %

Shares of NYSE:SMAR traded up $0.30 during midday trading on Friday, reaching $55.80. 5,019,193 shares of the company were exchanged, compared to its average volume of 2,091,588. The firm has a market cap of $7.75 billion, a PE ratio of -179.99 and a beta of 0.75. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $55.89. The stock has a fifty day simple moving average of $50.83 and a two-hundred day simple moving average of $44.61.

Smartsheet (NYSE:SMAR – Get Free Report) last released its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.15. The business had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm’s revenue was up 17.3% on a year-over-year basis. During the same period last year, the business earned ($0.23) earnings per share. As a group, analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total transaction of $276,750.00. Following the transaction, the chief executive officer now owns 583,762 shares in the company, valued at $32,311,226.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total transaction of $276,750.00. Following the sale, the chief executive officer now owns 583,762 shares of the company’s stock, valued at $32,311,226.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the transaction, the chief operating officer now owns 61,791 shares in the company, valued at approximately $2,965,968. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 39,734 shares of company stock valued at $2,065,058 in the last three months. 4.52% of the stock is currently owned by company insiders.

Institutional Trading of Smartsheet

Several large investors have recently bought and sold shares of the business. Granahan Investment Management LLC increased its holdings in Smartsheet by 908.1% in the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock worth $49,767,000 after purchasing an additional 937,483 shares in the last quarter. Vanguard Group Inc. increased its position in Smartsheet by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 13,583,818 shares of the company’s stock valued at $649,578,000 after acquiring an additional 276,117 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Smartsheet by 3.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after acquiring an additional 402 shares during the last quarter. Moody National Bank Trust Division lifted its holdings in shares of Smartsheet by 20.3% during the first quarter. Moody National Bank Trust Division now owns 44,123 shares of the company’s stock worth $1,699,000 after purchasing an additional 7,431 shares during the period. Finally, Los Angeles Capital Management LLC grew its stake in shares of Smartsheet by 26.2% in the first quarter. Los Angeles Capital Management LLC now owns 792,997 shares of the company’s stock worth $30,530,000 after purchasing an additional 164,859 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

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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