Smartsheet (SMAR) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Smartsheet (NYSE:SMAR) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

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. “

A number of other equities analysts also recently issued reports on SMAR. Jefferies Financial Group increased their price objective on Smartsheet to $38.00 and gave the stock a buy rating in a report on Wednesday, September 5th. JPMorgan Chase & Co. increased their price objective on Smartsheet to $33.00 and gave the stock an overweight rating in a report on Wednesday, September 5th. Royal Bank of Canada increased their price objective on Smartsheet to $39.00 and gave the stock an outperform rating in a report on Wednesday, September 5th. Canaccord Genuity increased their price objective on Smartsheet from $29.00 to $35.00 and gave the stock a buy rating in a report on Wednesday, September 5th. Finally, SunTrust Banks increased their price objective on Smartsheet to $37.00 and gave the stock a positive rating in a report on Wednesday, September 5th. They noted that the move was a valuation call. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Smartsheet currently has an average rating of Buy and an average target price of $34.86.

Shares of Smartsheet stock traded up $0.93 during midday trading on Wednesday, reaching $25.74. 13,442 shares of the company’s stock traded hands, compared to its average volume of 502,290. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.31 and a current ratio of 2.31. Smartsheet has a 12 month low of $18.06 and a 12 month high of $33.98.

Smartsheet (NYSE:SMAR) last announced its earnings results on Tuesday, September 4th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.08. The business had revenue of $42.38 million for the quarter, compared to the consensus estimate of $39.21 million. The business’s revenue was up 58.9% compared to the same quarter last year. As a group, equities research analysts forecast that Smartsheet will post -0.68 EPS for the current fiscal year.

In related news, VP Kara Hamilton sold 30,000 shares of the stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $23.10, for a total transaction of $693,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Several institutional investors have recently added to or reduced their stakes in SMAR. Victory Capital Management Inc. purchased a new position in Smartsheet in the third quarter worth about $143,000. Bank of New York Mellon Corp bought a new position in shares of Smartsheet in the second quarter worth about $230,000. Russell Investments Group Ltd. bought a new position in shares of Smartsheet in the second quarter worth about $275,000. Systematic Financial Management LP bought a new position in shares of Smartsheet in the second quarter worth about $307,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Smartsheet in the second quarter worth about $316,000. 41.77% of the stock is currently owned by institutional investors.

Smartsheet Company Profile

Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.

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