Smartsheet (NYSE:SMAR) Posts Earnings Results, Beats Expectations By $0.15 EPS

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

Smartsheet Stock Performance

NYSE SMAR traded up $2.92 on Friday, reaching $52.27. The company’s stock had a trading volume of 5,266,548 shares, compared to its average volume of 962,512. Smartsheet has a 52 week low of $35.52 and a 52 week high of $54.28. The business has a 50-day moving average price of $47.00 and a 200 day moving average price of $42.52.

Analysts Set New Price Targets

SMAR has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their target price on Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company increased their target price on Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, June 6th. Royal Bank of Canada upped their price target on shares of Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a research report on Friday. Guggenheim lifted their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Friday. Finally, DA Davidson restated a “buy” rating and issued a $55.00 price target on shares of Smartsheet in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Smartsheet currently has a consensus rating of “Moderate Buy” and an average target price of $55.06.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, CFO Pete Godbole sold 7,500 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $43.54, for a total transaction of $326,550.00. Following the completion of the transaction, the chief financial officer now directly owns 36,846 shares in the company, valued at $1,604,274.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Pete Godbole sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $43.54, for a total value of $326,550.00. Following the transaction, the chief financial officer now directly owns 36,846 shares of the company’s stock, valued at approximately $1,604,274.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the sale, the insider now owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,929 shares of company stock valued at $1,446,805. 4.52% of the stock is currently owned by corporate insiders.

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.