Smartsheet (SMAR) Issues Q3 Earnings Guidance
Smartsheet (NYSE:SMAR) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $(0.16)-(0.15) for the period, compared to the Thomson Reuters consensus EPS estimate of ($0.17). The company issued revenue guidance of $43.5-44.5 million, compared to the consensus revenue estimate of $41.24 million.Smartsheet also updated its FY19 guidance to $(0.-56)-(0.52) EPS.
A number of research analysts have recently issued reports on the stock. Jefferies Financial Group lifted their price objective on shares of Smartsheet to $31.00 and gave the company a buy rating in a report on Tuesday, June 5th. JPMorgan Chase & Co. assumed coverage on shares of Smartsheet in a report on Tuesday, May 22nd. They set an overweight rating and a $22.00 price objective for the company. SunTrust Banks assumed coverage on shares of Smartsheet in a report on Tuesday, May 22nd. They set a buy rating and a $24.00 price objective for the company. Morgan Stanley lifted their price objective on shares of Smartsheet from $24.00 to $31.00 and gave the company an overweight rating in a report on Wednesday, June 6th. Finally, Royal Bank of Canada assumed coverage on shares of Smartsheet in a report on Tuesday, May 22nd. They set an outperform rating and a $24.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $26.83.
Shares of SMAR traded up $1.97 during trading hours on Tuesday, reaching $31.70. 615,901 shares of the stock traded hands, compared to its average volume of 370,679. The company has a debt-to-equity ratio of -0.03, a current ratio of 0.83 and a quick ratio of 0.83. Smartsheet has a 52 week low of $18.06 and a 52 week high of $32.79.
A hedge fund recently bought a new stake in Smartsheet stock. Bank of New York Mellon Corp acquired a new position in Smartsheet Inc (NYSE:SMAR) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 8,858 shares of the company’s stock, valued at approximately $230,000. Hedge funds and other institutional investors own 41.68% of the company’s stock.
Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.
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