Smartsheet (NYSE:SMAR) Releases Q1 Earnings Guidance

Smartsheet (NYSE:SMAR) issued an update on its first quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.26-0.27 for the period, compared to the consensus estimate of $0.20. The company issued revenue guidance of $257-259 million, compared to the consensus revenue estimate of $263.34 million. Smartsheet also updated its FY25 guidance to $1.06-1.13 EPS.

Smartsheet Price Performance

Shares of NYSE:SMAR traded down $0.96 during midday trading on Thursday, reaching $40.30. The company had a trading volume of 2,497,863 shares, compared to its average volume of 1,228,948. The stock has a market capitalization of $5.49 billion, a P/E ratio of -39.29 and a beta of 0.75. Smartsheet has a one year low of $37.31 and a one year high of $52.81. The stock’s fifty day moving average price is $44.71 and its 200-day moving average price is $43.21.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Canaccord Genuity Group lifted their price target on shares of Smartsheet from $53.00 to $55.00 and gave the company a buy rating in a report on Friday, December 8th. Citigroup upgraded shares of Smartsheet from a neutral rating to a buy rating and upped their price target for the stock from $56.00 to $63.00 in a research report on Thursday, January 11th. Truist Financial boosted their target price on shares of Smartsheet from $50.00 to $55.00 and gave the company a buy rating in a research note on Friday, December 8th. DA Davidson restated a buy rating on shares of Smartsheet in a research note on Wednesday, December 6th. Finally, Bank of America began coverage on Smartsheet in a research report on Monday, February 26th. They set an underperform rating and a $45.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $53.06.

Insider Buying and Selling at Smartsheet

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

Institutional Investors Weigh In On Smartsheet

Several hedge funds have recently made changes to their positions in the stock. Capital World Investors boosted its holdings in Smartsheet by 11.2% during the first quarter. Capital World Investors now owns 15,316,599 shares of the company’s stock valued at $839,084,000 after purchasing an additional 1,542,891 shares in the last quarter. Norges Bank acquired a new position in Smartsheet during the fourth quarter worth $52,292,000. Goldman Sachs Group Inc. lifted its holdings in shares of Smartsheet by 81.6% during the second quarter. Goldman Sachs Group Inc. now owns 2,808,651 shares of the company’s stock valued at $88,276,000 after acquiring an additional 1,262,177 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Smartsheet by 1,471.0% during the first quarter. Ameriprise Financial Inc. now owns 1,246,539 shares of the company’s stock valued at $59,585,000 after acquiring an additional 1,167,191 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Smartsheet by 707.6% in the 1st quarter. Renaissance Technologies LLC now owns 533,000 shares of the company’s stock valued at $25,477,000 after purchasing an additional 467,000 shares in the last quarter. Institutional investors own 88.99% of the company’s stock.

About Smartsheet

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.