Smartsheet (NYSE:SMAR) Issues Earnings Results

Smartsheet (NYSE:SMAR) released its earnings results on Thursday. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.15, Briefing.com reports. Smartsheet had a negative return on equity of 12.06% and a negative net margin of 8.35%. The company had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the previous year, the firm posted ($0.23) EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis.

Smartsheet Stock Up 5.9 %

NYSE:SMAR opened at $52.28 on Friday. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $54.28. The firm’s 50 day moving average is $47.00 and its two-hundred day moving average is $42.52. The company has a market cap of $7.23 billion, a P/E ratio of -84.32 and a beta of 0.74.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SMAR. Canaccord Genuity Group raised their price objective on shares of Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. Citigroup boosted their price target on Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday. BMO Capital Markets raised their price objective on Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday. Royal Bank of Canada boosted their target price on Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a research report on Friday. Finally, Needham & Company LLC restated a “buy” rating and issued a $57.00 price target on shares of Smartsheet in a research report on Friday. One 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $55.06.

Insider Activity

In other Smartsheet news, COO Stephen Robert Branstetter sold 2,004 shares of the company’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the sale, the chief operating officer now directly owns 61,791 shares in the company, valued at $2,965,968. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet 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 sale, the insider now owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Stephen Robert Branstetter sold 2,004 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $48.00, for a total transaction of $96,192.00. Following the completion of the transaction, the chief operating officer now directly owns 61,791 shares of the company’s stock, valued at $2,965,968. The disclosure for this sale can be found here. Insiders sold 32,929 shares of company stock valued at $1,446,805 in the last ninety days. Company insiders own 4.52% of the company’s stock.

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.