Smartsheet (NYSE:SMAR) Issues Earnings Results, Beats Expectations By $0.15 EPS

Smartsheet (NYSE:SMAR) posted its quarterly earnings results on Thursday. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15, Briefing.com reports. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. The business had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the prior year, the business earned ($0.23) EPS. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis.

Smartsheet Stock Performance

SMAR opened at $49.40 on Friday. The firm has a market cap of $6.83 billion, a P/E ratio of -79.68 and a beta of 0.74. Smartsheet has a 52-week low of $35.52 and a 52-week high of $51.42. The business’s fifty day moving average is $46.84 and its 200-day moving average is $42.46.

Wall Street Analysts Forecast Growth

SMAR has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their price target on Smartsheet from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Guggenheim reiterated a “buy” rating and set a $56.00 price objective on shares of Smartsheet in a research report on Tuesday, June 25th. Truist Financial reiterated a “buy” rating and set a $55.00 price objective on shares of Smartsheet in a research report on Monday, August 26th. Morgan Stanley increased their price objective on Smartsheet from $53.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, Royal Bank of Canada increased their price objective on Smartsheet from $36.00 to $43.00 and gave the stock a “sector perform” rating in a research report on Thursday, June 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Smartsheet has a consensus rating of “Moderate Buy” and an average price target of $53.06.

Insider Activity at Smartsheet

In related news, CFO Pete Godbole sold 7,500 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $43.54, for a total value of $326,550.00. Following the sale, the chief financial officer now directly owns 36,846 shares of the company’s stock, valued at $1,604,274.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Pete Godbole sold 7,500 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $43.54, for a total value of $326,550.00. Following the sale, the chief financial officer now directly owns 36,846 shares of the company’s stock, valued at $1,604,274.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the sale, the chief operating officer now directly owns 63,795 shares in the company, valued at $2,833,773.90. The disclosure for this sale can be found here. Insiders have sold 32,929 shares of company stock valued at $1,446,805 over the last ninety days. 4.52% of the stock is owned by corporate insiders.

About Smartsheet

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.