Smartsheet (NYSE:SMAR) Releases Q1 Earnings Guidance

Smartsheet (NYSE:SMAR – Get Rating) updated its first quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.08-0.09 for the period, compared to the consensus estimate of ($0.05). The company issued revenue guidance of $213-215 million, compared to the consensus revenue estimate of $217.76 million. Smartsheet also updated its FY 2024 guidance to $0.31-$0.38 EPS.

Analyst Ratings Changes

Several brokerages have recently commented on SMAR. DA Davidson boosted their price target on Smartsheet from $54.00 to $57.00 in a research note on Wednesday. Citigroup lifted their price objective on Smartsheet to $37.00 in a research report on Friday, December 2nd. Barclays started coverage on Smartsheet in a research report on Thursday, December 15th. They set an equal weight rating and a $45.00 price objective for the company. BMO Capital Markets lifted their price objective on Smartsheet from $41.00 to $50.00 in a research report on Wednesday. Finally, Wells Fargo & Company lifted their price objective on Smartsheet from $45.00 to $50.00 and gave the stock an overweight rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $48.89.

Smartsheet Stock Performance

Shares of SMAR opened at $46.30 on Friday. The company has a market capitalization of $6.08 billion, a PE ratio of -27.72 and a beta of 1.07. The stock has a fifty day moving average of $43.06 and a two-hundred day moving average of $37.41. Smartsheet has a fifty-two week low of $25.09 and a fifty-two week high of $58.22.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 2,221 shares of the company’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $44.47, for a total transaction of $98,767.87. Following the completion of the sale, the insider now directly owns 9,535 shares in the company, valued at approximately $424,021.45. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.58% of the company’s stock.

Institutional Trading of Smartsheet

A number of institutional investors and hedge funds have recently made changes to their positions in SMAR. Captrust Financial Advisors boosted its position in Smartsheet by 202.7% during the 2nd quarter. Captrust Financial Advisors now owns 3,530 shares of the company’s stock worth $111,000 after purchasing an additional 2,364 shares during the period. Advisors Asset Management Inc. boosted its position in Smartsheet by 39.1% during the 1st quarter. Advisors Asset Management Inc. now owns 3,212 shares of the company’s stock worth $176,000 after purchasing an additional 903 shares during the period. Advisor Group Holdings Inc. boosted its position in Smartsheet by 12.1% during the 4th quarter. Advisor Group Holdings Inc. now owns 5,058 shares of the company’s stock worth $200,000 after purchasing an additional 545 shares during the period. Mariner LLC purchased a new stake in Smartsheet during the 4th quarter worth $208,000. Finally, XTX Topco Ltd purchased a new stake in Smartsheet during the 1st quarter worth $238,000. 89.50% of the stock is currently owned by institutional investors and hedge funds.

About Smartsheet

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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.