Smartsheet (SMAR) Issues Q1 2020 Earnings Guidance

Smartsheet (NYSE:SMAR) issued an update on its first quarter 2020 earnings guidance on Tuesday morning. The company provided EPS guidance of $-0.19–0.18 for the period, compared to the Thomson Reuters consensus EPS estimate of $-0.14. The company issued revenue guidance of $54-55 million, compared to the consensus revenue estimate of $52.05 million.Smartsheet also updated its FY 2020 guidance to $-0.59–0.55 EPS.

NYSE:SMAR opened at $43.44 on Wednesday. Smartsheet has a twelve month low of $18.06 and a twelve month high of $46.29. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.02.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Tuesday, March 19th. The company reported ($0.07) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.12. Smartsheet had a negative net margin of 32.12% and a negative return on equity of 111.93%. The company had revenue of $52.20 million during the quarter, compared to analyst estimates of $49.72 million. The company’s revenue for the quarter was up 58.2% on a year-over-year basis. As a group, equities research analysts forecast that Smartsheet will post -0.6 EPS for the current year.

Several research analysts have commented on the stock. Jefferies Financial Group raised their target price on shares of Smartsheet from $38.00 to $52.00 and gave the stock a buy rating in a report on Wednesday. Canaccord Genuity reiterated a buy rating and issued a $53.00 target price (up from $35.00) on shares of Smartsheet in a report on Wednesday. Zacks Investment Research cut shares of Smartsheet from a buy rating to a hold rating in a report on Tuesday, February 5th. JPMorgan Chase & Co. raised their target price on shares of Smartsheet from $33.00 to $45.00 and gave the stock an overweight rating in a report on Wednesday. Finally, Stephens assumed coverage on shares of Smartsheet in a report on Thursday, January 3rd. They issued an overweight rating and a $32.00 target price for the company. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of Buy and an average price target of $41.88.

In other news, VP Kara Hamilton sold 5,000 shares of the stock in a transaction that occurred on Monday, December 24th. The shares were sold at an average price of $22.58, for a total value of $112,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brent Frei sold 50,000 shares of the stock in a transaction that occurred on Wednesday, January 2nd. The stock was sold at an average price of $25.03, for a total transaction of $1,251,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 871,133 shares of company stock valued at $28,514,208.

A hedge fund recently raised its stake in Smartsheet stock. Geode Capital Management LLC lifted its stake in Smartsheet Inc (NYSE:SMAR) by 1.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 104,097 shares of the company’s stock after purchasing an additional 1,523 shares during the quarter. Geode Capital Management LLC owned 0.10% of Smartsheet worth $2,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 49.63% of the company’s stock.

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About Smartsheet

Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.

Further Reading: Derivative

Earnings History and Estimates for Smartsheet (NYSE:SMAR)

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