Smartsheet (NYSE:SMAR) Releases FY23 Earnings Guidance

Smartsheet (NYSE:SMARGet Rating) issued an update on its FY23 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $(0.67)-(0.59) for the period, compared to the consensus estimate of ($0.66). The company issued revenue guidance of $756-761 million, compared to the consensus revenue estimate of $752.82 million.Smartsheet also updated its FY 2023 guidance to -$0.67–$0.59 EPS.

Shares of Smartsheet stock traded up $1.44 on Tuesday, hitting $40.58. The stock had a trading volume of 4,235,176 shares, compared to its average volume of 1,757,184. The stock has a market cap of $5.22 billion, a price-to-earnings ratio of -28.10 and a beta of 1.59. The business’s 50 day moving average is $45.65 and its two-hundred day moving average is $56.02. Smartsheet has a twelve month low of $33.25 and a twelve month high of $85.65.

Smartsheet (NYSE:SMARGet Rating) last issued its quarterly earnings results on Tuesday, March 15th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.03. The business had revenue of $157.39 million during the quarter, compared to analysts’ expectations of $151.60 million. Smartsheet had a negative return on equity of 29.45% and a negative net margin of 31.06%. The firm’s revenue for the quarter was up 43.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.21) earnings per share. On average, equities research analysts expect that Smartsheet will post -1.59 EPS for the current year.

SMAR has been the subject of several recent research reports. Royal Bank of Canada cut their price target on Smartsheet from $63.00 to $40.00 and set a sector perform rating for the company in a research note on Wednesday, March 16th. Canaccord Genuity Group cut their price target on Smartsheet from $80.00 to $60.00 in a research note on Wednesday, March 16th. Citigroup cut their target price on Smartsheet from $60.00 to $47.00 and set a neutral rating for the company in a research note on Wednesday, March 16th. Morgan Stanley cut their target price on Smartsheet from $105.00 to $75.00 and set an overweight rating for the company in a research note on Thursday, February 24th. Finally, BMO Capital Markets cut their target price on Smartsheet from $83.00 to $55.00 and set an outperform rating for the company in a research note on Monday, March 14th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Smartsheet has a consensus rating of Buy and an average target price of $62.00.

In related news, Director Matthew S. Mcilwain acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 18th. The stock was acquired at an average cost of $49.62 per share, for a total transaction of $496,200.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Geoffrey T. Barker sold 1,125 shares of the stock in a transaction on Monday, April 25th. The shares were sold at an average price of $50.00, for a total value of $56,250.00. Following the completion of the sale, the director now owns 315,131 shares of the company’s stock, valued at $15,756,550. The disclosure for this sale can be found here. Insiders sold a total of 23,703 shares of company stock valued at $1,301,076 over the last quarter. 4.58% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital World Investors grew its holdings in Smartsheet by 11.2% during the 1st quarter. Capital World Investors now owns 15,316,599 shares of the company’s stock worth $839,084,000 after acquiring an additional 1,542,891 shares during the period. Vanguard Group Inc. grew its holdings in Smartsheet by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 11,326,756 shares of the company’s stock worth $620,480,000 after acquiring an additional 66,327 shares during the period. BlackRock Inc. grew its holdings in Smartsheet by 2.6% during the 4th quarter. BlackRock Inc. now owns 5,487,249 shares of the company’s stock worth $424,988,000 after acquiring an additional 140,053 shares during the period. State Street Corp grew its holdings in Smartsheet by 3.9% during the 1st quarter. State Street Corp now owns 1,900,859 shares of the company’s stock worth $104,129,000 after acquiring an additional 72,157 shares during the period. Finally, Clearbridge Investments LLC grew its holdings in Smartsheet by 3.6% during the 1st quarter. Clearbridge Investments LLC now owns 1,445,305 shares of the company’s stock worth $79,174,000 after acquiring an additional 49,637 shares during the period. Institutional investors and hedge funds own 88.88% of the company’s stock.

About Smartsheet (Get Rating)

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.

See Also

Earnings History and Estimates for Smartsheet (NYSE:SMAR)

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