Smartsheet (NYSE:SMAR) Updates FY 2022 Earnings Guidance

Smartsheet (NYSE:SMAR) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $-0.440-$-0.360 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-0.390. The company issued revenue guidance of $530 million-$533 million, compared to the consensus revenue estimate of $514.09 million.Smartsheet also updated its Q3 2022 guidance to $-0.120-$-0.100 EPS.

Smartsheet stock traded up $0.15 during trading hours on Wednesday, reaching $70.90. The company had a trading volume of 1,174 shares, compared to its average volume of 1,153,551. The company has a 50-day moving average price of $73.81 and a 200 day moving average price of $67.11. The firm has a market cap of $8.87 billion, a price-to-earnings ratio of -62.06 and a beta of 1.41. Smartsheet has a 12-month low of $43.64 and a 12-month high of $85.65.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Monday, September 6th. The company reported ($0.05) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.08. The business had revenue of $131.74 million for the quarter, compared to analysts’ expectations of $125.47 million. Smartsheet had a negative return on equity of 24.39% and a negative net margin of 31.00%. The business’s quarterly revenue was up 44.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.06) EPS. Analysts anticipate that Smartsheet will post -1.44 earnings per share for the current year.

Several equities analysts have recently issued reports on SMAR shares. KeyCorp boosted their target price on Smartsheet from $86.00 to $94.00 and gave the company an overweight rating in a research note on Wednesday, September 8th. Truist boosted their target price on Smartsheet from $85.00 to $100.00 and gave the company a buy rating in a research note on Wednesday, September 8th. Oppenheimer boosted their target price on Smartsheet from $85.00 to $95.00 and gave the company an outperform rating in a research note on Wednesday, September 8th. Canaccord Genuity boosted their target price on Smartsheet from $55.00 to $65.00 and gave the company a buy rating in a research note on Friday, September 3rd. Finally, Royal Bank of Canada boosted their target price on Smartsheet from $65.00 to $80.00 and gave the company a sector perform rating in a research note on Wednesday, September 8th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Smartsheet currently has a consensus rating of Buy and an average target price of $86.50.

In other news, insider Eugene Farrell sold 22,000 shares of the business’s stock in a transaction on Thursday, June 17th. The stock was sold at an average price of $67.01, for a total value of $1,474,220.00. Following the completion of the transaction, the insider now owns 49,777 shares in the company, valued at $3,335,556.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brent Frei sold 200,000 shares of the business’s stock in a transaction on Thursday, September 9th. The stock was sold at an average price of $73.19, for a total value of $14,638,000.00. The disclosure for this sale can be found here. Insiders sold 377,200 shares of company stock worth $27,372,277 over the last three months. Corporate insiders own 6.07% 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.

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Earnings History and Estimates for Smartsheet (NYSE:SMAR)

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