Smartsheet (NYSE:SMAR) Cut to Hold at Zacks Investment Research

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

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. Stephens reissued a “buy” rating and issued a $55.00 target price on shares of Smartsheet in a report on Tuesday, April 23rd. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price (up previously from $45.00) on shares of Smartsheet in a report on Thursday, July 11th. Finally, Wedbush started coverage on shares of Smartsheet in a report on Thursday, August 1st. They issued an “outperform” rating and a $62.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $53.17.

NYSE:SMAR traded up $0.09 during trading hours on Wednesday, hitting $47.19. 103,623 shares of the stock traded hands, compared to its average volume of 1,197,000. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29. Smartsheet has a 1 year low of $20.34 and a 1 year high of $55.79. The stock has a market capitalization of $5.36 billion, a P/E ratio of -76.10 and a beta of 2.00. The firm has a 50 day moving average of $51.26.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Wednesday, June 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.15. Smartsheet had a negative net margin of 30.04% and a negative return on equity of 34.42%. The business had revenue of $56.19 million for the quarter, compared to the consensus estimate of $54.65 million. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. The company’s revenue for the quarter was up 54.7% on a year-over-year basis. As a group, research analysts forecast that Smartsheet will post -0.97 earnings per share for the current year.

In related news, insider Mark Patrick Mader sold 40,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $40.63, for a total value of $1,625,200.00. The sale was disclosed in a legal 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 Monday, July 15th. The stock was sold at an average price of $54.14, for a total transaction of $757,960.00. The disclosure for this sale can be found here. Insiders sold 10,868,389 shares of company stock worth $474,353,503 in the last three months. Insiders own 24.73% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in SMAR. BlackRock Inc. lifted its holdings in Smartsheet by 8.0% in the 4th quarter. BlackRock Inc. now owns 811,452 shares of the company’s stock worth $20,173,000 after buying an additional 60,037 shares during the period. Bank of New York Mellon Corp raised its position in shares of Smartsheet by 28.0% in the 4th quarter. Bank of New York Mellon Corp now owns 11,276 shares of the company’s stock worth $280,000 after acquiring an additional 2,465 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Smartsheet by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 104,097 shares of the company’s stock worth $2,587,000 after acquiring an additional 1,523 shares in the last quarter. Two Sigma Advisers LP bought a new position in shares of Smartsheet in the 4th quarter worth approximately $276,000. Finally, Bank of America Corp DE bought a new position in shares of Smartsheet in the 4th quarter worth approximately $1,020,000. Institutional investors own 56.30% of the company’s stock.

About Smartsheet

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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