Smartsheet (NYSE:SMAR) Posts Quarterly Earnings Results

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

Smartsheet Stock Up 5.9 %

NYSE SMAR traded up $2.92 on Friday, hitting $52.27. 5,266,548 shares of the stock were exchanged, compared to its average volume of 1,491,826. The company has a market cap of $7.23 billion, a PE ratio of -84.32 and a beta of 0.74. The company has a 50-day moving average price of $47.00 and a 200-day moving average price of $42.52. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $54.28.

Analyst Ratings Changes

SMAR has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday. Barclays increased their price target on shares of Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday. Truist Financial boosted their price target on shares of Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Friday. Wells Fargo & Company upped their price target on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, June 6th. Finally, Guggenheim boosted their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.06.

Insider Activity

In related news, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the sale, the insider now directly owns 17,100 shares in the company, valued at approximately $823,878. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Jolene Lau Marshall sold 3,741 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the transaction, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 2,004 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the transaction, the chief operating officer now owns 61,791 shares in the company, valued at $2,965,968. The disclosure for this sale can be found here. In the last three months, insiders sold 32,929 shares of company stock valued at $1,446,805. 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.