Smartsheet (NYSE:SMAR) Stock Rating Lowered by Royal Bank of Canada

Smartsheet (NYSE:SMAR) was downgraded by research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued on Friday, Briefing.com reports. They presently have a $65.00 price objective on the stock, down from their prior price objective of $80.00. Royal Bank of Canada’s price objective would suggest a potential upside of 1.58% from the stock’s previous close.

Several other research firms have also commented on SMAR. Zacks Investment Research raised shares of Smartsheet from a “sell” rating to a “hold” rating in a research note on Wednesday, May 19th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price objective on shares of Smartsheet from $65.00 to $76.00 in a research note on Thursday, March 18th. Citigroup boosted their price objective on shares of Smartsheet from $65.00 to $76.00 in a research note on Wednesday, March 17th. JPMorgan Chase & Co. raised shares of Smartsheet from a “neutral” rating to an “overweight” rating and set a $83.00 price objective for the company in a report on Tuesday, March 23rd. Finally, BMO Capital Markets decreased their price objective on shares of Smartsheet from $86.00 to $83.00 and set an “outperform” rating for the company in a report on Wednesday, March 17th. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $75.81.

Shares of NYSE:SMAR opened at $63.99 on Friday. The stock has a fifty day simple moving average of $60.20. Smartsheet has a 52 week low of $40.21 and a 52 week high of $85.43. The stock has a market cap of $7.94 billion, a PE ratio of -68.07 and a beta of 1.40.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Tuesday, June 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.05. Smartsheet had a negative net margin of 29.83% and a negative return on equity of 21.58%. The company had revenue of $117.08 million for the quarter, compared to analysts’ expectations of $114.76 million. During the same quarter in the previous year, the company earned ($0.11) earnings per share. Smartsheet’s quarterly revenue was up 37.0% on a year-over-year basis. Equities research analysts anticipate that Smartsheet will post -1.43 EPS for the current fiscal year.

In related news, CRO Michael Arntz sold 9,000 shares of the business’s stock in a transaction on Wednesday, March 24th. The shares were sold at an average price of $66.80, for a total value of $601,200.00. Following the completion of the sale, the executive now owns 24,519 shares of the company’s stock, valued at approximately $1,637,869.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul Porrini sold 30,000 shares of the company’s stock in a transaction dated Thursday, April 1st. The shares were sold at an average price of $66.07, for a total transaction of $1,982,100.00. The disclosure for this sale can be found here. Insiders have sold a total of 216,394 shares of company stock worth $13,617,501 in the last three months. Insiders own 6.07% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. purchased a new stake in Smartsheet during the 4th quarter worth about $33,000. Oder Investment Management LLC acquired a new position in shares of Smartsheet in the 4th quarter valued at about $40,000. NN Investment Partners Holdings N.V. acquired a new position in Smartsheet during the 1st quarter worth approximately $89,000. Panagora Asset Management Inc. acquired a new position in Smartsheet during the 1st quarter worth approximately $113,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in Smartsheet by 40.0% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,100 shares of the company’s stock worth $134,000 after purchasing an additional 600 shares during the last quarter. 87.24% of the stock is owned by institutional investors.

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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Analyst Recommendations for Smartsheet (NYSE:SMAR)

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