On Thursday, an increase was made to the profit outlook for the third quarter of 2023 for Smartsheet (NYSE: SMAR-Get Rating), which was already announced the previous day. The company had projected that its quarterly profits per share would fall somewhere in the range of-$0.16 to $0.15, but the consensus prediction was -$0.15. The company has released a revenue projection of $193 million to $194 million, much lower than the consensus sales estimate of $195.06 million. In addition, Smartsheet increased its prediction for earnings per share for the fiscal year 2023 to range between $0.56 and $0.49 per share. SMAR has heard from various research companies, each of which has its unique perspective.
DA The research report on the firm was published by Davidson on September 2, including a buy recommendation for the company and a target price decrease for Smartsheet from $50.00 to $45.00. Davidson also reduced the target price for themselves to $45.00. The target price for Smartsheet was decreased from the prior level of $50.00 to $40.00 in a study that was made public by Jefferies Financial Group on Friday, September 2. In a report made available to the public on September 2, Canaccord Genuity Group provided Smartsheet with a buy rating in a report that was. However, the investment firm decreased its price target for the company from $60.00 to $45.00. “Buy” was the recommendation made for Smartsheet by Truist Financial on September 2 which stated that the company’s price target had been reduced from $65.00 to $50.00. Additionally, the report was made public.
On September 1, Citigroup lowered its price objective for Smartsheet from $47.00 to $40.00 and gave the company a neutral rating. This was the last and most important of the changes. Ten experts give the stock a buy rating; however, just two analysts recommend keeping it in one’s portfolio. The information that MarketBeat provided indicates that the company has been assigned an average rating of Moderate Buy and that a price target of $49.27 is the consensus for the stock. SMAR was first available for purchase on Thursday for $37.88. The one-year low for Smartsheet was $27.05, while the one-year high was $80.89, and both of those prices can be found on this page. Both the price-to-earnings ratio of the company’s stock, which is currently at -21.77, and its beta value are currently at 1.41. The value of the company’s stock on the market is approximately $4.90 billion. The 50-day moving average for the company is presently resting at $33.80, while the 200-day moving average for the stock is currently lying at $40.22. On September 1, the public was given access to the most recent quarterly report made accessible by Smartsheet (NYSE: SMAR-Get Rating).
The average expectation for earnings per share for the quarter was $0.20, but the actual earnings per share (EPS) was $0.10, which was $0.10 higher. The return on equity for the company was negative by a margin of 42.47%, and the net margin for the company was negative by a margin of 33.88%. The company’s sales for the quarter came in at $186.70 million, which was much better than the industry analysts’ forecasted amount of $180.56 million for the company’s sales for the quarter. In the preceding year’s comparable quarter, the company reported earnings of $0.28 per share, which, compared to the previous year’s results, were higher. Revenue for Smartsheet was up 41.8% when measured against the data for the same quarter in the prior year. It is anticipated that SmartSheet will have a loss of 2.03 cents per share for the current fiscal year due to its operations. In related news, on Monday, August 15, corporate director Elena Gomez sold 6,250 shares of the company’s stock.
This comes as a result of a transaction that took place earlier that day. The total amount received for the sale of the shares was $233,687.50, which is equivalent to an average price of $37.39 per share. As a direct result of the transaction, the director now directly owns 6,003 shares of the firm, and the total market value of these shares is about $224,452.17. If you follow the link, you will be sent to a legal file maintained by the SEC. Within this file, you can see details regarding the transaction. According to another piece of news published by Smartsheet, Director Elena Gomez sold 6,250 shares of the company’s stock on Monday, August 15. The total amount received for the sale of the shares was $233,687.50, which is equivalent to an average price of $37.39 per share. After the conclusion of the transaction, the director now owns direct ownership of 6,003 shares of the company’s stock. Based on the current market price of those shares, the director’s ownership stake is roughly equivalent to $224,452.17. The Securities and Exchange Commission (SEC) kept a legal file accessible online and contained information relevant to the transaction.
This information can be viewed by anybody interested. In addition, business insider Jolene Lau Marshall sold 5,000 shares of the firm’s stock on Friday, July 1. The stock sale generated total revenue of $158,850.00, with the average price at which each share was sold being $31.77. Following the completion of the acquisition, the corporate insider now has direct ownership of 17,597 company shares, which have a combined value of $559,056.69. Disclosures that are related to the sale might be found in this section of the website. Insiders of the company have sold 23,279 shares of company stock for a total of $765,014 over the past three months. The company’s insiders control 4.58% of the total number of shares that are currently outstanding. Several institutional investors have recently modified how they are invested in the company to take advantage of new opportunities. United Capital Financial Advisers LLC boosted the number of Smartsheet shares it owned by 7.3% during the first three months of 2018. United Capital Financial Advisers LLC now has 770 more shares of ownership in the company after purchasing an additional 11,270 shares during the most recent quarter for a total cost of $617,000.
The transaction took place during the most recent quarter. PNC Financial Services Group Inc. boosted the amount of Smartsheet stock owned by 8.1% during the first three months of 2018. PNC Financial Services Group Inc. now possesses 10,683 shares after purchasing an additional 803 shares during the period in question. The current value of these shares is $585,000. Raymond James & Associates boosted the number of Smartsheet shares it owned by 4.5% during the first three months of 2018 (January through March). Raymond James & Associates now has 19,514 shares of the firm after purchasing an additional 845 shares of it during the quarter. The value of these 19,514 shares brings the company’s overall holdings to $1,069,000. During the first three months of 2018, Advisors Asset Management Inc. boosted the number of Smartsheet shares it owned by 39.1%, bringing its total ownership percentage to 100%. Following the purchase of an additional 903 shares during the relevant period, Advisors Asset Management Inc. currently holds a total of 3,212 shares of the company’s stock, which has an aggregate value of $176,000 because these shares were purchased.
Not to mention, throughout the first three months of this year, Cambridge Investment Research Advisors Inc. boosted the amount of Smartsheet stock owned by 10.2%, making this the last and most important point. Cambridge Investment Research Advisors Inc. currently holds 16,949 shares of the company’s stock, each valued at $928,000, increasing the company’s total stock ownership to $928,000 following the acquisition of 1,567 additional shares during this period. Right now, hedge funds and other types of institutional investors hold ownership of 90.24 percent of the company’s shares. The management and automation of collaborative projects is the responsibility of Smartsheet, Inc. Its platform provides tools that get rid of obstructions that limit data capture, such as an interface that is similar to that of a familiar and clear spreadsheet, as well as forms that can be readily changed to meet the needs of the user. The company was initially established by John D. Smith, Maria Colacurcio, and W. Eric Browne, the first three to do so.