Smartsheet (NYSE:SMAR) Issues FY25 Earnings Guidance

Smartsheet (NYSE:SMAR) updated its FY25 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.06-1.13 for the period, compared to the consensus estimate of $0.93. The company issued revenue guidance of $1.113-1.118 billion, compared to the consensus revenue estimate of $1.14 billion. Smartsheet also updated its Q1 guidance to $0.26-0.27 EPS.

Smartsheet Price Performance

Smartsheet stock traded down $0.96 during trading on Thursday, reaching $40.30. 2,558,139 shares of the company were exchanged, compared to its average volume of 1,228,948. The stock’s 50 day simple moving average is $44.71 and its two-hundred day simple moving average is $43.21. The company has a market capitalization of $5.49 billion, a P/E ratio of -38.38 and a beta of 0.75. Smartsheet has a 52-week low of $37.31 and a 52-week high of $52.81.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SMAR shares. BMO Capital Markets dropped their price objective on shares of Smartsheet from $52.00 to $48.00 and set an outperform rating for the company in a report on Monday. Canaccord Genuity Group raised their price target on shares of Smartsheet from $53.00 to $55.00 and gave the stock a buy rating in a report on Friday, December 8th. Bank of America assumed coverage on Smartsheet in a report on Monday, February 26th. They issued an underperform rating and a $45.00 price objective on the stock. Truist Financial upped their price target on Smartsheet from $50.00 to $55.00 and gave the company a buy rating in a research note on Friday, December 8th. Finally, KeyCorp raised their price objective on Smartsheet from $52.00 to $53.00 and gave the stock an overweight rating in a research report on Friday, December 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $53.06.

Insider Activity

In other news, CFO Pete Godbole sold 1,210 shares of Smartsheet stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $46.97, for a total value of $56,833.70. Following the completion of the transaction, the chief financial officer now owns 45,854 shares in the company, valued at approximately $2,153,762.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Jolene Lau Marshall sold 2,247 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $47.10, for a total value of $105,833.70. Following the transaction, the insider now owns 14,376 shares of the company’s stock, valued at $677,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Pete Godbole sold 1,210 shares of Smartsheet stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $46.97, for a total value of $56,833.70. Following the sale, the chief financial officer now directly owns 45,854 shares of the company’s stock, valued at $2,153,762.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,904 shares of company stock worth $1,140,108. Corporate insiders own 4.71% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Several institutional investors have recently added to or reduced their stakes in SMAR. Capital World Investors boosted its stake in Smartsheet by 11.2% in the first quarter. Capital World Investors now owns 15,316,599 shares of the company’s stock valued at $839,084,000 after acquiring an additional 1,542,891 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Smartsheet by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 13,583,818 shares of the company’s stock valued at $649,578,000 after purchasing an additional 276,117 shares during the last quarter. BlackRock Inc. boosted its position in shares of Smartsheet by 1.9% in the 2nd quarter. BlackRock Inc. now owns 7,044,582 shares of the company’s stock valued at $269,526,000 after purchasing an additional 130,431 shares during the period. Goldman Sachs Group Inc. grew its stake in Smartsheet by 81.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,808,651 shares of the company’s stock worth $88,276,000 after buying an additional 1,262,177 shares during the last quarter. Finally, State Street Corp increased its position in Smartsheet by 0.4% during the second quarter. State Street Corp now owns 2,111,013 shares of the company’s stock worth $80,767,000 after buying an additional 7,405 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.