In a report released yesterday, Ittai Kidron from Oppenheimer assigned a Buy rating to Smartsheet (SMAR), with a price target of $52.00. The company’s shares closed last Wednesday at $59.08, close to its 52-week high of $59.56.
According to TipRanks.com, Kidron is a top 25 analyst with an average return of 34.0% and a 76.5% success rate. Kidron covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Zoom Video Communications, and Slack Technologies.
Currently, the analyst consensus on Smartsheet is a Moderate Buy with an average price target of $50.80, a -12.4% downside from current levels. In a report issued on May 22, Morgan Stanley also maintained a Buy rating on the stock with a $58.00 price target.
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Based on Smartsheet’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $78.52 million and GAAP net loss of $28.16 million. In comparison, last year the company earned revenue of $52.15 million and had a GAAP net loss of $11.69 million.
Based on the recent corporate insider activity of 157 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SMAR in relation to earlier this year.
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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.
