Smartsheet (NYSE:SMAR) Shares Gap Up After Better-Than-Expected Earnings

Smartsheet Inc (NYSE:SMAR) shares 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 company had revenue of $276.41 million for the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted ($0.23) EPS.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SMAR. Barclays boosted their target price on shares of Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday. BMO Capital Markets boosted their target price on shares of Smartsheet from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday. Canaccord Genuity Group boosted their target price on shares of Smartsheet from $45.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Truist Financial restated a “buy” rating and issued a $55.00 target price on shares of Smartsheet in a report on Monday, August 26th. Finally, Guggenheim restated a “buy” rating and issued a $56.00 target price on shares of Smartsheet in a report on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.94.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CFO Pete Godbole sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $43.54, for a total value of $326,550.00. Following the completion of the sale, the chief financial officer now directly owns 36,846 shares of the company’s stock, valued at approximately $1,604,274.84. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, COO Stephen Robert Branstetter sold 4,174 shares of the business’s 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 owns 68,067 shares in the company, valued at approximately $2,988,821.97. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Pete Godbole sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $43.54, for a total transaction of $326,550.00. Following the completion of the sale, the chief financial officer now owns 36,846 shares of the company’s stock, valued at approximately $1,604,274.84. The disclosure for this sale can be found here. Insiders sold a total of 32,929 shares of company stock valued at $1,446,805 in the last three months. Company insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SMAR. Norges Bank bought a new position in shares of Smartsheet during the 4th quarter worth approximately $68,879,000. Swedbank AB acquired a new position in Smartsheet during the 1st quarter valued at approximately $38,388,000. Granahan Investment Management LLC increased its stake in Smartsheet by 908.1% during the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after purchasing an additional 937,483 shares in the last quarter. AQR Capital Management LLC increased its stake in Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after purchasing an additional 881,004 shares in the last quarter. Finally, Engaged Capital LLC acquired a new position in Smartsheet during the 2nd quarter valued at approximately $29,600,000. Institutional investors own 90.01% of the company’s stock.

Smartsheet Stock Performance

The firm has a market cap of $7.36 billion, a price-to-earnings ratio of -85.37 and a beta of 0.74. The stock’s 50 day simple moving average is $46.84 and its 200-day simple moving average is $42.46.

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.