Smartsheet (SMAR) Announces Earnings Results, Beats Expectations By $0.07 EPS

Smartsheet (NYSE:SMAR) released its earnings results on Monday. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.07, Briefing.com reports. The company had revenue of $46.90 million during the quarter, compared to analysts’ expectations of $44.12 million. The business’s revenue for the quarter was up 59.5% compared to the same quarter last year. Smartsheet updated its Q4 2019 guidance to $-0.15–0.13 EPS and its FY 2019 guidance to $-0.44–0.42 EPS.

Shares of SMAR stock opened at $27.06 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.31 and a quick ratio of 2.31. Smartsheet has a fifty-two week low of $18.06 and a fifty-two week high of $33.98.

A number of research analysts have weighed in on SMAR shares. Morgan Stanley reduced their price target on shares of Smartsheet from $36.00 to $33.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 23rd. JPMorgan Chase & Co. lifted their price target on shares of Smartsheet to $33.00 and gave the company an “overweight” rating in a research report on Wednesday, September 5th. Zacks Investment Research cut shares of Smartsheet from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Canaccord Genuity lifted their price target on shares of Smartsheet from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, September 5th. Finally, Jefferies Financial Group lifted their price target on shares of Smartsheet to $38.00 and gave the company a “buy” rating in a research report on Wednesday, September 5th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $34.14.

In other Smartsheet news, VP Kara Hamilton sold 30,000 shares of Smartsheet stock in a transaction that occurred on Tuesday, October 30th. The shares were sold at an average price of $23.10, for a total transaction of $693,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Arntz sold 4,000 shares of Smartsheet stock in a transaction that occurred on Wednesday, November 14th. The shares were sold at an average price of $26.24, for a total transaction of $104,960.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 116,186 shares of company stock worth $2,899,314.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Insight Holdings Group LLC acquired a new position in shares of Smartsheet during the second quarter worth $746,144,000. Capital International Investors acquired a new position in shares of Smartsheet during the third quarter worth $32,354,000. BlackRock Inc. lifted its position in shares of Smartsheet by 10.7% during the third quarter. BlackRock Inc. now owns 751,415 shares of the company’s stock worth $23,489,000 after purchasing an additional 72,383 shares in the last quarter. Morgan Stanley lifted its position in shares of Smartsheet by 1,011.4% during the third quarter. Morgan Stanley now owns 592,133 shares of the company’s stock worth $18,510,000 after purchasing an additional 538,853 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Smartsheet by 16.7% during the third quarter. Vanguard Group Inc. now owns 587,606 shares of the company’s stock worth $18,369,000 after purchasing an additional 83,956 shares in the last quarter. 42.07% of the stock is currently owned by institutional investors and hedge funds.

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About Smartsheet

Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.

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