Morgan Stanley Believes Smartsheet (NYSE: SMAR) Still Has Room to Grow

By Ryan Adsit

Morgan Stanley analyst Stan Zlotsky maintained a Buy rating on Smartsheet (SMARResearch Report) today and set a price target of $58.00. The company’s shares closed last Friday at $55.95, close to its 52-week high of $57.88.

According to TipRanks.com, Zlotsky is a 5-star analyst with an average return of 24.5% and a 70.9% success rate. Zlotsky covers the Technology sector, focusing on stocks such as LiveRamp Holdings, Coupa Software, and PROS Holdings.

Currently, the analyst consensus on Smartsheet is a Moderate Buy with an average price target of $50.80.

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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 159 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.