Smartsheet (NYSE:SMAR) Issues Earnings Results

Smartsheet (NYSE:SMAR) released its 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 firm had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.23) earnings per share.

Smartsheet Trading Up 5.9 %

NYSE:SMAR traded up $2.92 during mid-day trading on Friday, hitting $52.27. The company’s stock had a trading volume of 5,266,548 shares, compared to its average volume of 1,491,826. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $54.28. The company has a market capitalization of $7.23 billion, a price-to-earnings ratio of -84.32 and a beta of 0.74. The stock has a fifty day moving average of $47.00 and a 200-day moving average of $42.52.

Wall Street Analyst Weigh In

Several research firms have issued reports on SMAR. Morgan Stanley upped their price target on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday. Canaccord Genuity Group boosted their target price on shares of Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. Truist Financial boosted their target price on shares of Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. BMO Capital Markets boosted their target price on shares of Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday. Finally, UBS Group upped their price target on shares of Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $55.06.

Insider Buying and Selling

In related news, insider Jolene Lau Marshall sold 3,741 shares of the 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 completion of the transaction, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jolene Lau Marshall sold 3,741 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Stephen Robert Branstetter sold 4,174 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $43.91, for a total transaction of $183,280.34. Following the sale, the chief operating officer now directly owns 68,067 shares of the company’s stock, valued at approximately $2,988,821.97. The disclosure for this sale can be found here. Insiders sold 32,929 shares of company stock valued at $1,446,805 over the last quarter. Corporate 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.