Smartsheet (NYSE:SMAR) Releases Q3 2023 Earnings Guidance

Smartsheet (NYSE:SMARGet Rating) updated its third quarter 2023 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of -$0.16–$0.15 for the period, compared to the consensus estimate of -$0.15. The company issued revenue guidance of $193.00 million-$194.00 million, compared to the consensus revenue estimate of $195.06 million. Smartsheet also updated its FY 2023 guidance to -$0.56–$0.49 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Guggenheim assumed coverage on shares of Smartsheet in a research report on Friday, August 12th. They set a buy rating and a $48.00 price objective for the company. Truist Financial lowered their price objective on shares of Smartsheet from $65.00 to $50.00 and set a buy rating for the company in a research report on Friday, September 2nd. BMO Capital Markets lowered their price objective on shares of Smartsheet from $43.00 to $38.00 and set an outperform rating for the company in a research report on Friday, September 2nd. William Blair restated an outperform rating on shares of Smartsheet in a research report on Friday. Finally, Wells Fargo & Company lowered their price objective on shares of Smartsheet from $55.00 to $50.00 and set an overweight rating for the company in a research report on Tuesday, June 7th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $48.76.

Smartsheet Price Performance

Shares of Smartsheet stock traded down $1.04 during trading on Friday, hitting $32.21. The company’s stock had a trading volume of 25,335 shares, compared to its average volume of 1,976,256. Smartsheet has a 52 week low of $27.05 and a 52 week high of $80.89. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of -19.11 and a beta of 1.41. The stock has a 50-day moving average price of $34.18 and a two-hundred day moving average price of $39.55.

Smartsheet (NYSE:SMARGet Rating) last issued its quarterly earnings data on Thursday, September 1st. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.10. Smartsheet had a negative net margin of 33.88% and a negative return on equity of 42.47%. The company had revenue of $186.70 million for the quarter, compared to analysts’ expectations of $180.56 million. During the same quarter in the previous year, the firm posted ($0.28) earnings per share. Smartsheet’s revenue for the quarter was up 41.8% on a year-over-year basis. On average, equities analysts predict that Smartsheet will post -2.03 EPS for the current fiscal year.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, Director Elena Gomez sold 6,250 shares of the company’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $30.47, for a total transaction of $190,437.50. Following the sale, the director now owns 6,003 shares of the company’s stock, valued at $182,911.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Megan Hansen sold 4,000 shares of the company’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $38.04, for a total transaction of $152,160.00. Following the transaction, the insider now owns 4,155 shares in the company, valued at $158,056.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Elena Gomez sold 6,250 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $30.47, for a total transaction of $190,437.50. Following the transaction, the director now owns 6,003 shares in the company, valued at approximately $182,911.41. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,854 shares of company stock valued at $1,007,898. 4.58% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Smartsheet

Several institutional investors have recently made changes to their positions in SMAR. Raymond James & Associates raised its holdings in shares of Smartsheet by 4.5% in the 1st quarter. Raymond James & Associates now owns 19,514 shares of the company’s stock worth $1,069,000 after acquiring an additional 845 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Smartsheet by 10.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 16,949 shares of the company’s stock valued at $928,000 after buying an additional 1,567 shares during the last quarter. Citigroup Inc. increased its stake in Smartsheet by 7.0% in the 1st quarter. Citigroup Inc. now owns 25,608 shares of the company’s stock valued at $1,403,000 after buying an additional 1,677 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Smartsheet by 8.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,683 shares of the company’s stock valued at $585,000 after buying an additional 803 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in Smartsheet in the 1st quarter valued at about $431,000. Institutional investors and hedge funds own 90.24% of the company’s stock.

Smartsheet Company Profile

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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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Earnings History and Estimates for Smartsheet (NYSE:SMAR)

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