Brokers Set Expectations for Smartsheet Inc’s Q3 2024 Earnings (NYSE:SMAR)

Smartsheet Inc (NYSE:SMAR) – Equities researchers at DA Davidson issued their Q3 2024 earnings per share (EPS) estimates for Smartsheet in a research note issued to investors on Monday, September 11th. DA Davidson analyst R. Simmons forecasts that the company will earn ($0.28) per share for the quarter. The consensus estimate for Smartsheet’s current full-year earnings is ($1.15) per share. DA Davidson also issued estimates for Smartsheet’s FY2024 earnings at ($1.00) EPS and FY2025 earnings at ($0.68) EPS.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 7th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.09. The company had revenue of $235.60 million for the quarter, compared to analyst estimates of $229.57 million. Smartsheet had a negative net margin of 16.84% and a negative return on equity of 28.15%. The company’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.46) EPS.

Several other equities research analysts have also recently commented on the company. Citigroup raised their target price on Smartsheet from $49.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, September 8th. Canaccord Genuity Group lifted their price objective on shares of Smartsheet from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, September 8th. 888 reissued a “maintains” rating on shares of Smartsheet in a research note on Monday, June 12th. Wells Fargo & Company decreased their price target on shares of Smartsheet from $60.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, September 5th. Finally, BMO Capital Markets upped their price objective on shares of Smartsheet from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, September 8th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Smartsheet has an average rating of “Moderate Buy” and a consensus target price of $51.64.

Smartsheet Trading Down 2.1 %

Shares of Smartsheet stock opened at $43.42 on Wednesday. The company has a market cap of $5.80 billion, a P/E ratio of -38.77 and a beta of 0.96. The business has a 50-day moving average price of $41.31 and a two-hundred day moving average price of $42.81. Smartsheet has a 1-year low of $25.09 and a 1-year high of $52.81.

Insider Activity at Smartsheet

In other Smartsheet news, Director James N. White sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $44.72, for a total value of $6,708,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SMAR. Belpointe Asset Management LLC purchased a new position in shares of Smartsheet in the 4th quarter worth about $25,000. International Assets Investment Management LLC purchased a new position in Smartsheet in the first quarter valued at about $29,000. Headlands Technologies LLC increased its stake in shares of Smartsheet by 87,100.0% during the 1st quarter. Headlands Technologies LLC now owns 872 shares of the company’s stock worth $42,000 after purchasing an additional 871 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Smartsheet during the 2nd quarter worth approximately $55,000. Finally, Newbridge Financial Services Group Inc. raised its holdings in shares of Smartsheet by 76.2% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,630 shares of the company’s stock worth $62,000 after purchasing an additional 705 shares during the period. Hedge funds and other institutional investors own 88.99% 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.