Smartsheet Inc (SMAR) Received its Third Buy in a Row


After SunTrust Robinson and RBC Capital gave Smartsheet Inc (NYSE: SMAR) a Buy rating last month, the company received another Buy, this time from Canaccord Genuity. Analyst Richard Davis maintained a Buy rating on Smartsheet Inc today and set a price target of $35. The company’s shares opened today at $28.50.

Davis said:

“While SMAR’s valuation absolutely does not make this a stock for the fainthearted, our offline conversations with customers at the firm’s user conference, bolstered by presentations at the firm’s analyst day leads us to conclude that a BUY rating is still the appropriate rating on this stock.”

According to TipRanks.com, Davis is a top 25 analyst with an average return of 40.2% and a 83.5% success rate. Davis covers the Technology sector, focusing on stocks such as Ceridian HCM Holding Inc, Altair Engineering Inc, and Upland Software.

Smartsheet Inc has an analyst consensus of Strong Buy, with a price target consensus of $36.33.

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Based on Smartsheet Inc’s latest earnings release for the quarter ending July 31, the company reported a quarterly GAAP net loss of $12.3 million. In comparison, last year the company had a GAAP net loss of $22.85 million.

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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.

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