Smartsheet (NYSE:SMAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage currently has a $44.00 target price on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.82% from the company’s current price.

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 research firms have also weighed in on SMAR. Stephens reissued a “buy” rating and issued a $55.00 price objective on shares of Smartsheet in a research report on Tuesday. Wedbush restated an “outperform” rating and set a $62.00 target price on shares of Smartsheet in a research report on Friday, August 30th. JPMorgan Chase & Co. lifted their target price on shares of Smartsheet from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price (up from $45.00) on shares of Smartsheet in a research note on Thursday, July 11th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $53.00.

SMAR stock traded up $1.16 during trading on Wednesday, hitting $39.35. The stock had a trading volume of 1,728,247 shares, compared to its average volume of 1,837,401. The company’s 50 day moving average price is $48.74 and its two-hundred day moving average price is $44.85. Smartsheet has a 1-year low of $20.34 and a 1-year high of $55.79. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of -63.47 and a beta of 2.04. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.63 and a current ratio of 1.63.

Smartsheet (NYSE:SMAR) last released its earnings results on Wednesday, September 4th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.09. Smartsheet had a negative net margin of 30.10% and a negative return on equity of 38.43%. The company had revenue of $64.64 million for the quarter, compared to analyst estimates of $63.55 million. During the same period in the prior year, the firm earned ($0.08) EPS. The firm’s quarterly revenue was up 52.5% on a year-over-year basis. As a group, sell-side analysts forecast that Smartsheet will post -0.92 earnings per share for the current fiscal year.

In other Smartsheet news, Director Matthew S. Mcilwain sold 5,225,000 shares of Smartsheet stock in a transaction on Monday, June 17th. The shares were sold at an average price of $43.54, for a total value of $227,496,500.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Venture Fund L. P. Madrona III sold 5,175,000 shares of Smartsheet stock in a transaction on Friday, June 14th. The shares were sold at an average price of $43.50, for a total transaction of $225,112,500.00. The disclosure for this sale can be found here. Insiders sold a total of 10,892,461 shares of company stock valued at $477,163,067 in the last 90 days. 24.73% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in SMAR. Vanguard Group Inc. increased its position in Smartsheet by 220.0% during the 2nd quarter. Vanguard Group Inc. now owns 6,756,252 shares of the company’s stock worth $327,002,000 after purchasing an additional 4,644,716 shares in the last quarter. Whale Rock Capital Management LLC raised its holdings in Smartsheet by 87.3% in the second quarter. Whale Rock Capital Management LLC now owns 5,030,271 shares of the company’s stock valued at $243,465,000 after buying an additional 2,344,769 shares during the period. BlackRock Inc. lifted its position in Smartsheet by 285.3% during the second quarter. BlackRock Inc. now owns 4,536,828 shares of the company’s stock valued at $219,582,000 after buying an additional 3,359,344 shares in the last quarter. Abdiel Capital Advisors LP acquired a new position in Smartsheet during the second quarter valued at approximately $108,740,000. Finally, Coatue Management LLC acquired a new position in Smartsheet during the second quarter valued at approximately $99,384,000. 80.26% of the stock is owned by institutional investors.

Smartsheet Company Profile

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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