Smartsheet (NYSE:SMAR) stock is on the rise Tuesday following an update from Morgan Stanley analyst Stan Zlotsky.
The update from Morgan Stanley has it increasing its price target for SMAR stock from $63 per share to $90 per share. What doesn’t change is its rating, which is sticking at overweight.
Morgan Stanley isn’t the only analyst updating its price target for SMAR stock today. Several other firms, including Needham, RBC Capital, and BMO Capital also upped their price targets after a successful Q3 for the company.
Following the price target increases, SMAR stock has experienced heavy trading. This has resulted in more than 3 million shares changing hands as of this writing. That’s a solid jump from its daily average trading volume of 1.3 million shares.
With more investors likely eyeing SMAR stock on all these price increases and Q3 results, it’s only fair to want to know more about the company. Hopefully, this primer helps out.
- Starting off, Smartsheet is a company that focuses on aligning the work of employees with real-time updates to documents and other data online.
- The goal is to reduce wasted time and improve organization and communication through its platform.
- SMAR notes that currently, more than 75% of Fortune 500 companies make use of its software.
- The company was founded in 2006 and joined the public market in April 2018.
- Smartsheet is led by co-founder and CEO Mark Mader.
- Mader has more than 20 years of executive leadership experience.
- The CFO of the company is Jennifer Ceran, who has more than 30 years of experience and has held executive roles at several other companies.
SMAR stock was up 18.3% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.