Wall Street analysts expect that Smartsheet Inc (NYSE:SMAR) will announce $102.53 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Smartsheet's earnings. The highest sales estimate is $102.80 million and the lowest is $102.20 million. Smartsheet reported sales of $78.52 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 30.6%. The firm is scheduled to report its next quarterly earnings report after the market closes on Tuesday, March 16th.
On average, analysts expect that Smartsheet will report full-year sales of $378.13 million for the current fiscal year, with estimates ranging from $377.80 million to $378.40 million. For the next financial year, analysts forecast that the business will post sales of $486.87 million, with estimates ranging from $469.66 million to $499.70 million. Zacks' sales calculations are a mean average based on a survey of sell-side analysts that follow Smartsheet.
Smartsheet (NYSE:SMAR) last issued its earnings results on Sunday, December 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the Zacks' consensus estimate of ($0.21) by $0.09. Smartsheet had a negative net margin of 32.32% and a negative return on equity of 21.98%. The company had revenue of $98.90 million during the quarter, compared to analysts' expectations of $94.57 million. During the same period last year, the company posted ($0.15) earnings per share. The firm's quarterly revenue was up 38.3% compared to the same quarter last year.
A number of equities research analysts have recently issued reports on SMAR shares. DA Davidson lifted their price target on shares of Smartsheet from $50.00 to $74.00 and gave the company a "neutral" rating in a research report on Tuesday, December 8th. KeyCorp lifted their price target on shares of Smartsheet from $64.00 to $82.00 and gave the company an "overweight" rating in a research report on Tuesday, December 8th. Royal Bank of Canada lifted their price target on shares of Smartsheet from $65.00 to $80.00 and gave the company an "outperform" rating in a research report on Tuesday, December 8th. BMO Capital Markets lifted their price objective on Smartsheet from $62.00 to $77.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 8th. Finally, Morgan Stanley lifted their price objective on Smartsheet from $63.00 to $90.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 8th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Smartsheet has an average rating of "Buy" and a consensus price target of $69.40.
In other Smartsheet news, CMO Anna Griffin sold 5,000 shares of the business's stock in a transaction on Tuesday, December 8th. The stock was sold at an average price of $73.26, for a total value of $366,300.00. Following the completion of the transaction, the chief marketing officer now directly owns 11,671 shares in the company, valued at approximately $855,017.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 40,000 shares of the business's stock in a transaction on Wednesday, December 9th. The shares were sold at an average price of $66.97, for a total value of $2,678,800.00. Following the completion of the transaction, the chief executive officer now owns 530,972 shares of the company's stock, valued at $35,559,194.84. The disclosure for this sale can be found here. Insiders sold a total of 466,130 shares of company stock valued at $33,479,659 over the last quarter. 10.20% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Brown Capital Management LLC grew its stake in shares of Smartsheet by 0.3% during the 4th quarter. Brown Capital Management LLC now owns 6,198,585 shares of the company's stock valued at $429,500,000 after buying an additional 17,118 shares during the period. Champlain Investment Partners LLC grew its stake in shares of Smartsheet by 107.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 3,920,941 shares of the company's stock valued at $193,773,000 after buying an additional 2,028,945 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Smartsheet by 4.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,346,731 shares of the company's stock valued at $117,947,000 after buying an additional 89,745 shares during the period. Alliancebernstein L.P. grew its stake in shares of Smartsheet by 9.9% during the 4th quarter. Alliancebernstein L.P. now owns 2,279,290 shares of the company's stock valued at $157,932,000 after buying an additional 204,724 shares during the period. Finally, State Street Corp grew its stake in shares of Smartsheet by 4.0% during the 3rd quarter. State Street Corp now owns 1,362,825 shares of the company's stock valued at $67,351,000 after buying an additional 52,762 shares during the period. 94.62% of the stock is owned by institutional investors.
SMAR stock opened at $74.20 on Thursday. The firm has a 50 day moving average of $73.92 and a 200-day moving average of $59.96. Smartsheet has a 12-month low of $30.91 and a 12-month high of $85.43. The company has a market cap of $9.07 billion, a price-to-earnings ratio of -78.11 and a beta of 1.52.
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.
Further Reading: What is an economic bubble?
Get a free copy of the Zacks research report on Smartsheet (SMAR)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
15 REITS Analysts Can't Stop Recommending
There are more than 200 publicly-traded real-estate investment trusts (REITs) that you can buy through your brokerage account. Given the sheer number of REITs, it can be hard to identify which real-estate stocks are going to outperform the market.
Fortunately, Wall Street's brightest minds have already done this for us. Every year, analysts issue approximately 4,000 distinct recommendations for REITs. Analysts don't always get their "buy" ratings right, but it's worth taking a hard look when several analysts from different brokerages and research firms are giving "strong buy" and "buy" ratings to the same REIT.
This slide show lists the 15 REITs that have the highest average analyst recommendations from Wall Street's equities research analysts over the last 12 months.
View the "15 REITS Analysts Can't Stop Recommending".