Smartsheet (NYSE:SMAR) Updates FY 2023 Earnings Guidance

Smartsheet (NYSE:SMARGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $-0.700-$-0.620 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-0.270. The company issued revenue guidance of $750 million-$755 million, compared to the consensus revenue estimate of $730.11 million.Smartsheet also updated its Q1 2023 guidance to $-0.200-$-0.180 EPS.

Shares of NYSE SMAR opened at $53.49 on Tuesday. Smartsheet has a twelve month low of $41.65 and a twelve month high of $85.65. The stock has a 50 day moving average of $54.40 and a two-hundred day moving average of $63.36.

Smartsheet (NYSE:SMARGet Rating) last issued its quarterly earnings data on Tuesday, March 15th. The company reported ($0.40) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.43) by $0.03. Smartsheet had a negative return on equity of 29.45% and a negative net margin of 31.06%. The company had revenue of $157.39 million during the quarter, compared to analysts’ expectations of $151.60 million. During the same quarter in the previous year, the business earned ($0.21) earnings per share. The firm’s revenue for the quarter was up 43.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Smartsheet will post -1.66 earnings per share for the current year.

Several equities research analysts have recently commented on SMAR shares. Canaccord Genuity Group cut their price target on Smartsheet from $80.00 to $60.00 and set a buy rating for the company in a research note on Wednesday, March 16th. DA Davidson started coverage on Smartsheet in a research note on Wednesday, January 5th. They set a buy rating and a $100.00 price target for the company. 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. Truist Financial cut their price target on Smartsheet from $100.00 to $65.00 and set a buy rating for the company in a research note on Wednesday, March 16th. Finally, Oppenheimer cut their price target on Smartsheet from $95.00 to $80.00 and set an outperform rating for the company in a research note on Wednesday, March 16th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Buy and an average price target of $66.25.

In related news, CRO Michael Arntz sold 2,100 shares of the stock in a transaction on Friday, April 1st. The stock was sold at an average price of $55.61, for a total transaction of $116,781.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Andrew Lee Bennett sold 1,717 shares of the stock in a transaction on Wednesday, February 16th. The shares were sold at an average price of $62.33, for a total value of $107,020.61. The disclosure for this sale can be found here. Insiders sold 39,713 shares of company stock worth $2,302,786 in the last three months. 6.07% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Advisors Asset Management Inc. boosted its stake in shares of Smartsheet by 267.7% during the fourth quarter. Advisors Asset Management Inc. now owns 2,309 shares of the company’s stock valued at $179,000 after acquiring an additional 1,681 shares during the last quarter. Lombard Odier Asset Management USA Corp purchased a new position in Smartsheet during the fourth quarter worth about $214,000. MML Investors Services LLC lifted its position in Smartsheet by 17.7% during the fourth quarter. MML Investors Services LLC now owns 3,425 shares of the company’s stock worth $265,000 after buying an additional 515 shares during the period. Flagship Harbor Advisors LLC lifted its position in Smartsheet by 51.0% during the fourth quarter. Flagship Harbor Advisors LLC now owns 4,637 shares of the company’s stock worth $359,000 after buying an additional 1,567 shares during the period. Finally, Stifel Financial Corp lifted its position in Smartsheet by 3.0% during the fourth quarter. Stifel Financial Corp now owns 6,125 shares of the company’s stock worth $474,000 after buying an additional 178 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.

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Earnings History and Estimates for Smartsheet (NYSE:SMAR)

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