Needham Sticks to Its Buy Rating for Smartsheet (SMAR)

In a report released today, Scott Berg from Needham maintained a Buy rating on Smartsheet (SMARResearch Report), with a price target of $57.00. The company’s shares closed yesterday at $35.24.

According to TipRanks, Berg is a 4-star analyst with an average return of 3.0% and a 43.69% success rate. Berg covers the Technology sector, focusing on stocks such as Workday, Smartsheet, and SPS Commerce.

Currently, the analyst consensus on Smartsheet is a Strong Buy with an average price target of $45.80, implying a 29.97% upside from current levels. In a report released on September 8, Berenberg Bank also maintained a Buy rating on the stock with a $55.00 price target.

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Based on Smartsheet’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $186.69 million and a GAAP net loss of $62.31 million. In comparison, last year the company earned a revenue of $131.74 million and had a GAAP net loss of $44.17 million

Based on the recent corporate insider activity of 116 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. Most recently, in July 2022, Marshall Jolene Lau, the CLO of SMAR sold 5,000.00 shares for a total of $158,850.00.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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