Smartsheet (NYSE:SMAR) Issues Quarterly Earnings Results, Beats Estimates 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, topping the consensus estimate 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 firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same quarter in the previous year, the firm earned ($0.23) EPS. The business’s quarterly revenue was up 17.3% on a year-over-year basis.

Smartsheet Trading Up 5.9 %

NYSE SMAR traded up $2.92 during trading hours on Friday, reaching $52.27. The company’s stock had a trading volume of 5,266,548 shares, compared to its average volume of 1,491,826. The business has a 50-day simple moving average of $47.00 and a 200 day simple moving average of $42.52. The stock has a market cap of $7.23 billion, a PE ratio of -84.32 and a beta of 0.74. Smartsheet has a 52 week low of $35.52 and a 52 week high of $54.28.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SMAR shares. Wells Fargo & Company increased their price target on Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, June 6th. Truist Financial raised their price target on shares of Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday. BMO Capital Markets boosted their target price on Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday. Canaccord Genuity Group raised their price target on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. Finally, Citigroup lifted their target price on shares of Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.06.

Insider Buying and Selling at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now directly owns 17,100 shares in the company, valued at $823,878. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Pete Godbole sold 7,244 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $41.22, for a total transaction of $298,597.68. Following the completion of the transaction, the chief financial officer now directly owns 30,786 shares of the company’s stock, valued at $1,268,998.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now directly owns 17,100 shares in the company, valued at $823,878. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,929 shares of company stock valued at $1,446,805. Company insiders own 4.52% of the company’s stock.

Smartsheet Company Profile

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.