Shares of Smartsheet Inc (NYSE:SMAR – Get Free Report) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $49.35, but opened at $52.31. Smartsheet shares last traded at $53.33, with a volume of 214,125 shares changing hands.
The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. The business had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.06%. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.23) EPS.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on SMAR. Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a report on Friday. Guggenheim reissued a “buy” rating and set a $56.00 price target on shares of Smartsheet in a report on Tuesday, June 25th. Truist Financial reissued a “buy” rating and set a $55.00 price target on shares of Smartsheet in a report on Monday, August 26th. Canaccord Genuity Group increased their price target on shares of Smartsheet from $45.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Finally, Royal Bank of Canada increased their price target on shares of Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a report on Friday. One equities research 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.94.
Insider Buying and Selling at Smartsheet
In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares of the company’s stock, valued at $714,203.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, COO Stephen Robert Branstetter sold 4,174 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $43.91, for a total value of $183,280.34. Following the completion of the sale, the chief operating officer now directly owns 68,067 shares in the company, valued at $2,988,821.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the sale, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The disclosure for this sale can be found here. Insiders have sold a total of 32,929 shares of company stock valued at $1,446,805 over the last ninety days. Corporate insiders own 4.52% of the company’s stock.
Institutional Investors Weigh In On Smartsheet
Several hedge funds and other institutional investors have recently bought and sold shares of SMAR. Sei Investments Co. boosted its stake in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after buying an additional 24,823 shares during the period. Norges Bank purchased a new position in Smartsheet during the fourth quarter worth about $68,879,000. CWM LLC boosted its stake in Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares during the period. Capstone Investment Advisors LLC purchased a new position in Smartsheet during the first quarter worth about $1,512,000. Finally, Alberta Investment Management Corp purchased a new position in Smartsheet during the fourth quarter worth about $1,219,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.
Smartsheet Price Performance
The company’s 50 day moving average price is $46.84 and its 200 day moving average price is $42.46. The firm has a market cap of $7.36 billion, a PE ratio of -85.37 and a beta of 0.74.
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.
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