Smartsheet (SMAR) Received its Third Buy in a Row

After Wolfe Research and Morgan Stanley gave Smartsheet (NYSE: SMAR) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Scott Berg maintained a Buy rating on Smartsheet today and set a price target of $57.00. The company’s shares closed last Wednesday at $31.37, close to its 52-week low of $27.05.

According to, Berg is a 4-star analyst with an average return of 6.5% and a 45.5% success rate. Berg covers the Technology sector, focusing on stocks such as BigCommerce Holdings, Ceridian HCM Holding, and Holdings.

Smartsheet has an analyst consensus of Strong Buy, with a price target consensus of $53.90, a 70.9% upside from current levels. In a report issued on June 27, Oppenheimer also reiterated a Buy rating on the stock with a $65.00 price target.

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Based on Smartsheet’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $168 million and GAAP net loss of $70.46 million. In comparison, last year the company earned revenue of $117 million and had a GAAP net loss of $37.07 million.

Based on the recent corporate insider activity of 123 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.

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