Smartsheet Inc (SMAR) received a Buy rating and a $50 price target from Oppenheimer analyst Ittai Kidron today. The company’s shares opened today at $40.69.
Kidron commented:
“We’re initiating coverage of Outperform rating and a $50 PT. Smartsheet offers a modern, cloud-based work execution platform empowering business-line users to design and execute workflow processes with no coding and minimal/no IT involvement. We believe Smartsheet: (1) will benefit from favorable secular trends (enterprise digitization, growth in data volume/velocity/variety, need to improve workforce productivity); (2) can gain share within a large and growing workflow/collaboration TAM; and (3) will continue to successfully execute on its evolving, land-and-expand model, adding new customers/users, driving deeper penetration into existing customers (up-selling, new users/use cases), and sustaining robust net retention (134% in FY4Q19). Our proprietary analysis of Smartsheet’s net retention outlook suggests ~$45-50M of upside to consensus in FY21.”
According to TipRanks.com, Kidron is a top 25 analyst with an average return of 30.6% and a 71.3% success rate. Kidron covers the Technology sector, focusing on stocks such as Citrix Systems, New Relic Inc, and Cloudera Inc.
Currently, the analyst consensus on Smartsheet Inc is a Strong Buy with an average price target of $51.50, implying a 26.6% upside from current levels. In a report issued on March 20, Jefferies also maintained a Buy rating on the stock with a $52 price target.
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The company has a one-year high of $49.04 and a one-year low of $18.06. Currently, Smartsheet Inc has an average volume of 1.13M.
Based on the recent corporate insider activity of 76 insiders, corporate insider sentiment is negative on the stock.
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Smartsheet, Inc. engages in the design and development of cloud-based platform for work management. It offers ways for customers to plan and manage their work using grids, projects, cards, and calendars. The company was founded by W. Eric Browne, Maria Colacurcio, John D. Creason, and Brent R. Frei in 2005 and is headquartered in Bellevue, WA.
