Analysts Anticipate Smartsheet Inc (NYSE:SMAR) Will Announce Quarterly Sales of $162.53 Million

Wall Street analysts expect Smartsheet Inc (NYSE:SMARGet Rating) to announce $162.53 million in sales for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for Smartsheet’s earnings, with the highest sales estimate coming in at $162.80 million and the lowest estimate coming in at $162.40 million. Smartsheet posted sales of $117.08 million during the same quarter last year, which suggests a positive year-over-year growth rate of 38.8%. The company is scheduled to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Smartsheet will report full-year sales of $752.56 million for the current financial year, with estimates ranging from $750.80 million to $753.40 million. For the next fiscal year, analysts forecast that the business will report sales of $982.76 million, with estimates ranging from $967.62 million to $994.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Smartsheet.

Smartsheet (NYSE:SMARGet Rating) last announced its earnings results on Tuesday, March 15th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.03. The company had revenue of $157.39 million for the quarter, compared to the consensus estimate of $151.60 million. Smartsheet had a negative return on equity of 29.45% and a negative net margin of 31.06%. The company’s revenue was up 43.2% on a year-over-year basis. During the same period last year, the business posted ($0.21) EPS.

Several analysts have recently commented on the company. Canaccord Genuity Group reduced their price target on Smartsheet from $80.00 to $60.00 in a report on Wednesday, March 16th. Royal Bank of Canada reduced their price target on Smartsheet from $63.00 to $40.00 and set a “sector perform” rating for the company in a report on Wednesday, March 16th. Morgan Stanley reduced their price target on Smartsheet from $105.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday, February 24th. Needham & Company LLC reduced their price objective on Smartsheet from $100.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, March 16th. Finally, Citigroup reduced their price objective on Smartsheet from $60.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, March 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $66.25.

In related news, CRO Michael Arntz sold 10,000 shares of the stock in a transaction dated Tuesday, February 1st. The stock was sold at an average price of $62.80, for a total value of $628,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Andrew Lee Bennett sold 1,826 shares of the stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $51.75, for a total value of $94,495.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,539 shares of company stock valued at $2,397,281. Insiders own 6.07% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of SMAR. Stifel Financial Corp lifted its holdings in Smartsheet by 3.0% during the 4th 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 last quarter. Valmark Advisers Inc. lifted its holdings in Smartsheet by 2.6% during the 3rd quarter. Valmark Advisers Inc. now owns 7,547 shares of the company’s stock worth $519,000 after buying an additional 194 shares during the last quarter. Deutsche Bank AG lifted its holdings in Smartsheet by 2.5% during the 3rd quarter. Deutsche Bank AG now owns 8,087 shares of the company’s stock worth $556,000 after buying an additional 195 shares during the last quarter. Advisor Group Holdings Inc. lifted its holdings in Smartsheet by 2.2% during the 4th quarter. Advisor Group Holdings Inc. now owns 9,440 shares of the company’s stock worth $731,000 after buying an additional 206 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in Smartsheet by 4.2% during the 4th quarter. CIBC Asset Management Inc now owns 5,234 shares of the company’s stock worth $405,000 after buying an additional 211 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

SMAR opened at $49.05 on Friday. The business has a 50 day simple moving average of $52.65 and a 200-day simple moving average of $62.20. The stock has a market capitalization of $6.31 billion, a P/E ratio of -36.07 and a beta of 1.58. Smartsheet has a 12 month low of $41.65 and a 12 month high of $85.65.

Smartsheet Company Profile (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.

Featured Articles

Get a free copy of the Zacks research report on Smartsheet (SMAR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Smartsheet (NYSE:SMAR)

Receive News & Ratings for Smartsheet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Smartsheet and related companies with MarketBeat.com's FREE daily email newsletter.