Smartsheet (NYSE:SMAR) Releases Q3 Earnings Guidance

Smartsheet (NYSE:SMAR) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.29-0.31 for the period, compared to the consensus EPS estimate of $0.29. The company issued revenue guidance of $282-285 million, compared to the consensus revenue estimate of $285.26 million. Smartsheet also updated its FY25 guidance to $1.36-1.39 EPS.

Wall Street Analyst Weigh In

SMAR has been the topic of several recent analyst reports. Canaccord Genuity Group increased their target price on shares of Smartsheet from $45.00 to $52.00 and gave the stock a buy rating in a research note on Thursday, June 6th. Guggenheim restated a buy rating and issued a $56.00 price objective on shares of Smartsheet in a report on Tuesday, June 25th. UBS Group upped their price objective on Smartsheet from $56.00 to $61.00 and gave the stock a buy rating in a research note on Thursday, August 29th. Royal Bank of Canada lifted their target price on Smartsheet from $36.00 to $43.00 and gave the stock a sector perform rating in a research report on Thursday, June 6th. Finally, Truist Financial restated a buy rating and issued a $55.00 price objective on shares of Smartsheet in a report on Monday, August 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Smartsheet currently has a consensus rating of Moderate Buy and an average target price of $52.41.

Smartsheet Stock Up 4.2 %

NYSE:SMAR traded up $2.01 during trading hours on Thursday, reaching $49.35. 6,255,345 shares of the company’s stock were exchanged, compared to its average volume of 1,469,076. The business’s 50-day simple moving average is $46.72 and its two-hundred day simple moving average is $42.41. Smartsheet has a 12 month low of $35.52 and a 12 month high of $51.42. The company has a market capitalization of $6.83 billion, a P/E ratio of -79.60 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last posted its earnings results on Wednesday, June 5th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.06. The firm had revenue of $262.98 million during the quarter, compared to analyst estimates of $258.06 million. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. As a group, sell-side analysts anticipate that Smartsheet will post -0.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Smartsheet

In related news, CFO Pete Godbole sold 7,500 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $43.54, for a total transaction of $326,550.00. Following the sale, the chief financial officer now owns 36,846 shares of the company’s stock, valued at approximately $1,604,274.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction on Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the transaction, the chief operating officer now directly owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Pete Godbole sold 7,500 shares of the business’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 owns 36,846 shares in the company, valued at $1,604,274.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,929 shares of company stock worth $1,446,805. 4.52% of the stock is currently 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.